Address: Fort Lauderdale, FL 33308
ARV: $8,000,000 (As-is)
Loan Amount: $4,200,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 50%
Borrower Profile: Experienced Builder
Loan Purpose: Bridge Refinance
September 18, 2023
We provided a bridge loan of $4.2 million in the first-lien position for a single-family home in Fort Lauderdale, Florida. The house was valued at $8,000,000.00 million, which resulted in a loan-to-value ratio of 51%. The borrower needed quick and flexible financing with a six-month interest reserve. As the newly constructed property required more time to be sold, the borrower intends to sell it shortly. The unique contemporary home has six bedrooms and 7.5 bathrooms, featuring custom handcrafted finishes throughout, including dramatic 12ft ceilings spanning 7,755 square feet. The borrower had good credit. The interest rate was 12.00. The loan term was set at 12 months. This refinance bridge loan was funded in September 2023.
