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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/15/2017
Property Type
Property City
Homestead
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Lot Acreage
500
Deal Summary
BridgeInvest, a direct CRE private lender, closed four first-priority mortgage loans totaling $8,000,000 for a 500-acre agricultural portfolio in Homestead, Miami-Dade County, FL. The portfolio is comprised of five large land parcels that benefit from their proximity to major road section lines as well as income generated from fruit farms. The Sponsor is a foreign national who approached BridgeInvest for a cash-out loan on an expedited basis in order to obtain liquidity for his other business ventures. BridgeInvest used its underwriting experience and local knowledge to understand the intrinsic value of the agricultural land. The loan was tailored to the Borrower’s complex organizational structure with foreign owners. This bridge loan was funded in August 2017.
Funded By
BridgeInvest
Bridge & Construction Loans for CRE in the Southeast and Texas