)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/09/2024
Property Type
Property City
Palm Beach
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$7,600,000
Loan-to-Purchase Price
65%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
11.99%
Origination Points
2%
Deal Summary
Capital Funding Financial, a direct lender, funded a $4,800,000 first-lien position bridge loan for the acquisition of a single-family home on the Intracoastal Waterway in Palm Beach, FL. We funded 65% of the $7,600,000 purchase price, while the Borrower contributed 35% cash at closing. The Borrower was in need of fast and flexible financing with an interest reserve. The 6,200-square-foot property will be renovated throughout and repositioned to be sold for a profit. Given Capital Funding Financial’s local knowledge and experience in Palm Beach, no appraisal was ordered and the loan was funded in just 7 days! The subject property was in good condition and vacant at closing. The Borrower had excellent credit. They plan to sell the property as an exit strategy. The interest rate was 11.99% and we charged 2% origination points. The loan term was set at 12 months. This hard money loan was funded in August 2024.
Funded By
Capital Funding Financial
Direct Lender for Investment Real Estate - 7 Day Closings - Low Rates
Dealmakers
David DiNatale
Managing Partner