West Palm Beach, FL
$900,000 equity cash out bridge loan secured by a 7-unit commercial retail property in the Pershing Park neighborhood of West Palm Beach, Florida. The Borrower needed to cash out equity to use for a major renovation project on the subject property. The improvements will enable the Borrower to get higher rental rates and better tenants. The size of this commercial property is approximately 24,750 square feet and is partially occupied. The property was owned free-and-clear of any liens with an estimated value of $2,300,000. Our bridge loan is a conservative 39% LTV (loan-to-value). The Borrower plans to renovate the property and rent out the vacant retail units. Once the asset is stabilized, he will be able to refinance into a conventional loan at lower rate. We funded this 1st trust deed bridge loan in just 10 days.