He also said the firm had written down the bridge loan, but would not say by how much.
He added that most of the firm's bridge loans were doing well.
He raised $800,000 as a bridge loan from 18 investors.
To go through with the second closing, the couple had to get a bridge loan from a friend.
Until recently, there have been relatively few problems in bridge loans.
She had trouble selling her house and needed a bridge loan.
The proceeds will be used to pay back a $40 million bridge loan.
That is exactly what happened a few years ago when a number of bridge loans fell apart.
That was not supposed to happen when bridge loans were introduced.
The deal structure included a $5 million secured bridge loan.