Brooklyn, NY

$1,550,000

Multifamily

Refinance

02/14/2020
Transaction by
Stormfield Capital, LLC
Stormfield Capital recently funded a $1,550,000 bridge loan secured by a 6-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.