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Outstanding Service for Investment Property Bridge, Rehab, Rental, and Construction Loans
Funded Ground-Up Construction Loans in Washington DC
CRE Bridge Loan for Mixed-Use Construction Completion in Washington, D.C.
Stormfield Capital, a technology-enabled direct portfolio lender, funded a $1,750,000 1st lien position bridge loan secured by a 5-unit mixed-use development in Washington, D.C. The Sponsor is a highly experienced real estate development family office that had worked with a bank to finance the project, but they were under-capitalized, and the bank did not want to extend the loan or increase the loan amount. There was a lot of equity in this deal, and the project was more than 60% completed. We paid off the bank’s loan balance of $1,350,000 and funded most of the remaining $461,000 renovation budget. The after-repair value was estimated at $2,950,000 so our loan-to-value was 59%. This was a ground-up construction project with 2 commercial units and 3 residential units. It is approximately 4,395 square feet. The Borrower plans to lease up the property upon completion and eventually refinance as an exit strategy. The interest rate was 13%. We charged a 1% origination point, and the broker earned a $17,500 commission. The loan term was set at 12 months. This CRE construction completion bridge loan was funded in July 2023.