Refinance Bridge Loan for Healthcare Properties in Broward County, Florida

Yieldi, a direct lender for investment properties nationwide, funded a bridge loan for an owner-use office building in Margate, Broward County, Florida. The Borrower purchased the property 18 months ago and runs a profitable home healthcare business out of it. Due to some financial challenges, the existing loan had to be refinanced. The subject property is a two-story single-tenant office building totaling 8,768 square feet of usable space which sits on a rectangular-shaped parcel totaling 21,989 sf (0.50 acres). To reduce the risk for our loan, we took a 1st lien on 3 additional properties which are all owned by the principals of the borrowing entity. With our own in-house valuation, we estimated the total portfolio to be valued at around $5,500,000 so our loan-to-value was 49%. The additional properties all have significant equity and strengthen our LTV. The first is a fully rented office building and the second two properties are single-family homes, located in the city of Parkland, which is just a short drive from the primary property. Yieldi has a personal guarantee from the two owners of the business. Both of them have significant liquidity. They plan to refinance into a conventional SBA loan within 12 months to exit from our loan. This cross-collateralized CRE bridge loan was funded in October 2023.