Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/21/2021
Property Type
Property City
Tavernier
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Exit Strategy
Refinance
Deal Summary
Stormfield Capital, a direct private lending firm, funded a $765,000 bridge loan for the acquisition of a waterfront single-family investment property in Tavernier, FL. Tavernier is located on Key Largo, in the upper Florida Keys. The investor was left scrambling after his relationship bank told him that it would take them 120 days to close his loan. Stormfield was able to fund this purchase-money loan within 7 business days from application. We did not require an appraisal. The loan was custom structured for the Borrower’s unique scenario. The loan includes a three-month interest reserve and there is no prepayment penalty. The Borrower’s strategy is to complete minor cosmetic improvements to the property and then refinance with a conventional bank loan. This residential bridge loan was funded in December 2020.