Address: Naples, FL 34102
ARV: $15,900,000 (As-is)
Loan Amount: $6,900,000
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 55%
Borrower Profile: Investor
Loan Purpose: Refi
June 30, 2023
Last month, a loan of $6.9 million was provided for the completion of a luxurious single family home in Naples, Florida. The property was purchased for $4.75 million and underwent demolition. The project’s timeline exceeded expectations, and the prior lenders declined to extend the loan. A nearby broker informed us of a loan request they received from another broker’s client. Despite not usually refinancing ongoing construction projects, we made an exception in this situation due to the borrower’s steady cash flow, exceptional credit score, and the reputable general contractor overseeing the project. Furthermore, the house was already in a good state of completion. The loan funded the entire construction budget, including the repayment of the two previous mortgages. Additionally, we took a 6 month interest reserve. The estimated completed value was $15,000,000, resulting in our loan completed value being 46%. The 4 bedroom home, situated on a 0.35 acre lot, encompasses 4,200 square feet and includes a movie theater and a massive 4 car garage. Upon project completion, the borrower intends to sell the property.
