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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/30/2024
Property Type
Property City
Naples
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$7,500,000
Loan-to-Purchase Price
55%
Borrower's Contribution to Purchase
45%
Source of Borrower's Contribution
Cash
Property Neighborhood
Park Shore
Location Type
Suburban
Property Condition
Newly Renovated
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
5,200
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Good
Interest Rate
10.5%
Origination Points
1%
Broker Commission
$41,500
Deal Summary
Stormfield Capital, a technology-enabled direct portfolio lender, funded a $4,150,000 1st lien position bridge loan for the acquisition of a residential investment property in the Park Shore neighborhood of Naples, FL. We funded 55% of the $7,500,000 purchase price, while the Borrower contributed 45% cash at closing. The loan originated at a sub 55% LTV and allowed the Borrower to close on an expiring purchase contract. The property was newly renovated and vacant at closing. It is approximately 5,200 square feet. The Borrower’s plan is to lease the property and refinance within the 12-month loan term. The interest rate was 10.5%. We charged 1% and the broker earned a $41,500 commission. Naples, along Florida’s Gulf Coast, is a sought-after destination known for its pristine beaches, luxury residences, and vibrant community, attracting both year-round residents and seasonal visitors. This purchase bridge loan was funded in August 2024.
Funded By
Stormfield Capital, LLC
Direct Balance-Sheet Lender for Investment Properties