Bridge Loan for 6-Unit Multifamily Property in Brooklyn, New York

Stormfield Capital, a digitally enabled non-bank lender, funded a $1,550,000 1st lien position bridge loan secured by a 6-unit family investment property in the Bushwick neighborhood of Brooklyn, NY. The property recently went through a major rehab with included a gut renovation and expansion of square footage. The construction loan had matured, and the Borrower needed a short-term bridge loan. The construction was complete at the time of the loan closing but still vacant because the certificate of occupancy (TCO) was not yet received. Stormfield’s loan has a 12-month term and the LTV is 65% of the “as stabilized” value. We funded the loan in 2.5 weeks, which included doing a CEMA with the construction lender, which is the process of assigning an existing mortgage in order to reduce closing costs. The loan was referred to us by a broker who earned a $15,500 fee on the transaction. This bridge loan was funded in February 2020.