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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/15/2016
Property Type
Property City
Fort Lauderdale
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
43%
Occupancy at Closing
Vacant
Number of Units
4
Building Square Footage
44,000
Deal Summary
Refresh Funding, a private lender, funded a $900,000 1st lien position bridge loan for the acquisition of a 4-unit retail property in Fort Lauderdale, FL. The purchase price was $2,120,000. The Borrower put in $1,220,000 in cash toward the purchase, so our bridge loan is only 43% LTC (loan-to-cost). The property has 4 units, a total size of approximately 44,000 square feet. The entire property was delivered vacant. The Borrower plans to rent all 4 units within the next few months. Once the property is fully occupied and generating revenue, the Borrower estimates the value will increase to over $3,200,000. He plans to either sell the property or refinance with a conventional lender within the 12-month term. We quickly funded this 1st trust deed bridge loan in just 10 days. This purchase bridge loan was funded in March 2016.
Funded By
