Fort Lauderdale, FL
$900,000 private money bridge loan for the acquisition of a small retail property in Fort Lauderdale, Florida. 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 12 months. We quickly funded this 1st trust deed bridge loan in just 10 days.