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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
05/26/2023
Property Type
Property City
Templeton
Property State
MA
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$1,400,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Renovation Budget
$50,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
27,600
Lot Acreage
3
Borrower's Plan
Rehab and Occupy
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
1%
Broker Commission
$22,000
Deal Summary
Stormfield Capital, a technology-enabled direct portfolio lender, funded a $906,750 senior lien position bridge loan for the acquisition of a warehouse in Templeton, Massachusetts. We funded 100% of the $50,000 renovation budget and 65% of the $1,400,000 purchase price, while the Borrower contributed 35% cash to the purchase at closing. The Borrower is a municipal paving contractor and had good credit. They plan to occupy the property upon completion of the rehab and will eventually refinance into a conventional or SBA loan as an exit strategy. The subject property was in good condition and vacant at closing. It is approximately 27,600 square feet set in a 3-acre lot. The interest rate was 12%, and we charged a 1% origination point. The broker earned a $22,000 commission. The loan term was set at 12 months. This CRE purchase bridge loan was funded in May 2023.
Funded By
Stormfield Capital, LLC
Direct Balance-Sheet Lender for Investment Properties
Dealmakers
James Weissenborn
Senior Investment Associate