Miami Private Money Lenders for Real Estate Investors
Here is a list of private money lenders for real estate in Miami. Use a private mortgage to get fast funding for a Miami investment property purchase, refinance or equity cash out. Our directory lists private money companies (not individual investors) offering short-term loans that typically range from 6 to 36 months.
BridgeInvest financed a $5.2 MM private money acquisition and rehab loan for a 12-unit apartment building on Collins Avenue in Miami Beach, Florida. The borrower plans to convert the existing, over-sized units into 18 short-term rentals. The property is located steps from the beach in one of the premier tourist destination submarkets of Miami. Built in 1941, the property benefits from its historical significance, which may necessitate certain design features. The facility allowed for various possibilities pending final planning board approval. The loan includes a capital improvement reserve for the total gut renovation of the property with a revised layout to maximize efficiency for the new use. The borrower plans to operate the property as short-term rentals. BridgeInvest was able to underwrite the transaction to the borrower’s needs despite the limited information available on the asset class. This private money loan was funded in October 2018.
Private Money Loan for Miami Beach Home Acquisition and Rehab
BridgeInvest funded a $1,100,000 private money loan for the acquisition and rehab of a single family residence on Bay Road in Miami Beach, Florida. The Borrower is an experienced real estate investor who has completed similar rehab/construction projects in the area. Our creative financing not only disbursed funds for the acquisition of the property but also provided additional funds towards the renovation. We were able to close the loan on a tight deadline with a fixed closing date despite the seller not allowing inspections of the property. Built in 1925, the home has 6 bedrooms, 4 bathrooms and approximately 3,500 square feet of livable area. The historical house, located one block west of the Miami Beach Golf Club will be completely rebuilt with luxurious finishes and a pool in the backyard. The Borrower plans to sell the home upon completion of the rehab to pay off this loan, which was funded in June 2015.
Private Money Loan for Sunny Isles Beach Condominium Investor
BridgeInvest funded a $3,000,000 private money loan secured by two waterfront units at the Trump Palace Condominium Building in Sunny Isles Beach. The high-leverage loan represented over 75% of the original purchase price of the units. The Borrowers needed to recoup most of their equity in the properties to execute the purchase of another investment property. Each unit is a 3-bedroom, 3.5-bathroom condo with over 2,000 square feet featuring expansive water views from multiple balconies. Both units are used as investment properties and are currently cash flowing. The Borrowers plan to refinance in 1-2 years to pay off this private mortgage, which was funded in February 2015.
Private Money Loan for Miami Residential Land Acquisition
$3.7MM Private money loan for the acquisition of a 1.4-acre parcel in Sunny Isles Beach for the future development of 15 high-end luxury homes. The Borrower is an experienced real estate developer who had a plan to transform the 8 single-family lots previously approved for low-rise multifamily to a high-end development just steps away from the beach. BridgeInvest was able to creatively underwrite the property and provide the Borrower with a significant portion of acquisition capital in less than 20 days. We tailored the loan to the Borrower’s needs, paying particular attention to minimal termination fees, limited reserves and loose restrictions on use of proceeds. This 1st trust deed private mortgage was funded in May 2013.