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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/04/2023
Property Type
Property City
Miami
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,800,000
Location Type
Urban
Property Condition
Newly Renovated
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,532
Borrower's Plan
Short-Term Rental
Exit Strategy
Refinance
Interest Rate
10.99%
Origination Points
2.00%
Broker Commission
$11,700
Deal Summary
Capital Funding Financial, a direct lender based in Florida, funded a $1,170,000 1st lien position bridge loan for the acquisition of a recently renovated single-family home in Miami, Florida. The purchase price was $1,800,000. We funded 65% of the purchase price, and the Borrower contributed 35% cash at closing. The Borrower was a Brazilian foreign national with no US credit who needed to close in less than 10 days. His prior financing had fallen through and he did not want to risk his deposit. We were able to close the loan within the 10-day timeframe. The subject property was approximately 2,532 square feet. The Borrower intends to refinance the loan into a long-term rental loan once it is stabilized or there is a showing of short-term rental history. The interest rate charged was 10.99% and Capital Funding Financial charged 2% origination points. The broker earned a $11,700 (1%) commission. The loan term was set at 12 months. This SFR hard money loan was funded in August 2023.
Funded By
Capital Funding Financial
Direct Lender for Investment Real Estate - 7 Day Closings - Low Rates