Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/06/2023
Property Type
Property City
Southport
Property State
CT
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$3,900,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
2
Building Square Footage
65,000
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Origination Points
1%
Broker Commission
$25,550
Deal Summary
Stormfield Capital, a technology-enabled direct portfolio lender, funded a $2,550,000 senior lien position acquisition bridge loan secured by a residential investment property in Southport, CT. We funded 65% of the $3,900,000 purchase price, while the Borrower contributed 35% cash at closing. The Sponsor sought a short-term bridge loan after their relationship bank paused lending in the midst of the 2023 banking tumult. The subject property was in excellent condition and vacant at closing. It is a single-family residence with an accessory dwelling unit (ADU) and was approximately 65,000 square feet. The Borrower had excellent credit. They plan to lease the property upon completion of a rehab and eventually refinance as an exit strategy. We charged a 1% origination point and the broker earned a $25,550 commission. The loan term was set at 12 months. This residential investment bridge loan was funded in April 2023.
Funded By
Stormfield Capital, LLC
Direct Balance-Sheet Lender for Investment Properties
Dealmakers
Wesley Carpenter
Managing Partner
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