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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/28/2023
Property Type
Property City
Nantucket
Property State
MA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$6,800,000
Loan-to-Value
51%
Location Type
Vacation Area
Property Condition
Excellent
Occupancy at Closing
Vacant
Building Square Footage
4,500
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
11.25%
Origination Points
1%
Broker Commission
$35,000
Deal Summary
Stormfield Capital, a technology-enabled direct portfolio lender, funded a $3,500,000 1st lien position refinance bridge loan secured by a single-family rental home located in a vacation area in Nantucket, MA. The property value was $6,800,000 so our loan-to-value was 51%. The bridge loan gave the Borrower the ability to recoup equity held in the investment property which was owned free-and-clear of any mortgages or liens. The cash out was needed for other investments. Stormfield closed this loan in 2 weeks. The 4,500-square-foot subject property was in excellent condition and rented out as a vacation rental. The Borrower had excellent credit and a huge net worth. They plan to continue leasing the property and eventually refinance with a bank as an exit strategy. The interest rate was 11.25% and we charged 1% origination points. The Broker earned a $35,000 commission. The loan term was set at 12 months. This SFR refinance bridge loan was funded in October 2023.
Funded By
Stormfield Capital, LLC
Direct Balance-Sheet Lender for Investment Properties
Dealmakers
Kyle Shea
Vice President