Private Money Loan for Miami Residential Land Acquisition

Funded by BridgeInvest

$3,700,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

05/31/2013

Property Type
Residential Land
Property City

Sunny Isles Beach

Property State

FL

Interest Rate

%

Origination Points

%

Deal Summary

$3.7MM Private money loan for the acquisition of a 1.4-acre parcel in Sunny Isles Beach for the future development of 15 high-end luxury homes. The Borrower is an experienced real estate developer who had a plan to transform the 8 single-family lots previously approved for low-rise multifamily to a high-end development just steps away from the beach. BridgeInvest was able to creatively underwrite the property and provide the Borrower with a significant portion of acquisition capital in less than 20 days. We tailored the loan to the Borrower’s needs, paying particular attention to minimal termination fees, limited reserves and loose restrictions on use of proceeds. This 1st trust deed private mortgage was funded in May 2013.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas