Fort Lauderdale, FL
Senior bridge loan secured by a 16-room boutique value hotel in Ft. Lauderdale, comprised of four free-standing buildings each with four apartment style units, common courtyards and pools. All units are fully operational and in good working order. The property has a combined gross building area of 9,234 sf on a total site area of 0.82 acres and is located two blocks away from Ft. Lauderdale beach. The Borrower approached BridgeInvest for financing based on flexible underwriting standards—that enable them to lend with limited access to information, including historical financial and operational records as well as their proven ability to fund quickly. BridgeInvest was able to close the loan in less than three weeks, allowing the Borrower to close on a fixed date previously agreed to with the seller. The Borrower plans to refinance with a traditional lender or sell the property following minor renovation and improved management. The loan was funded in September 2013.