Florida Construction Lenders for Residential Real Estate
A list of private construction lenders for Florida home builders to finance residential ground-up construction projects - SFR, condo, townhomes. Most lenders will require the project to be fully entitled and shovel ready. A small percentage of lenders will consider land acquisition and/or land development financing.
BridgeInvest closed a $8MM construction completion loan secured by a 12,500 square foot waterfront, ultra-luxury home located in Delray Beach – one of the fastest growing cities in Palm Beach County. The loan will allow the sponsor, to complete construction and design changes for the home. We restructured the initial acquisition loan to fund the additional proceeds required for the sponsor to execute on their business plan. This marks the fifth loan closed with this client. The home is a niche product due to its unique situation, exclusive location and luxury price point, necessitating bespoke underwriting and a tailored loan structure. Located across A1A from the beach, the three-story home boasts over 140 linear feet of unobstructed ocean views and is less than a half mile from Atlantic Avenue, the center for entertainment in Downtown Delray Beach, providing easy access to desirable retail and restaurants. The home includes amenities such as a pool, spa, gym, wine cellar, 5-car garage and a summer kitchen. This private money construction loan was funded in March 2019.
Private Construction Loan for Palm Beach Florida Luxury Home
BridgeInvest closed an $11.5MM acquisition and construction loan for a to-be-built 11,500 SF ultra-luxury home in Palm Beach, Florida. The proposed house will include a theater, game room, library and pool house. The site benefits from direct ocean views, enhanced by a favorable elevation, and private beach access. The property is located in an exclusive, high-end, estate area of Palm Beach. The asset is a naturally niche product due to its location and price point, necessitating bespoke underwriting that traditional lenders could not provide. The construction loan was structured to provide the borrower with flexibility to pursue several possible business plans and exit strategies. BridgeInvest closed the loan in just three weeks enabling the borrower to execute on a purchase contract with a rapidly approaching expiration date. This loan was funded in August 2018.