Address: Palm Beach Gardens, FL 33418
ARV: $2,599,990 (As-is)
Loan Amount: $1,695,000
Loan Structure: 12 Month – Bridge Loan
Interest Rate: 12% Interest Only
LTV 65%
Borrower Profile: Experienced Investor
Description: New Construction
Loan Purpose: Purchase – 1031 Exchange
March 13, 2024
A real estate investor had entered into a purchase agreement for a new construction property in Palm Beach Gardens, FL with the intention of selling another property using a 1031 Exchange tax advantage. The new purchase price was $2,599,990. However, he was unable to sell his other property within the required timeframe to finance the new purchase. So, he approached us for help, and we quickly accommodated his request by providing him with a 12-month bridge loan with a loan-to-value ratio of 65%. The loan amount was $1,695,000 with an interest rate of 12%, and it was interest-only with a six-month pre-payment penalty. We were able to close the deal within a short time frame of just 8 days, and he was able to secure his new asset while complying with all of the 1031 exchange rules within the required timeframe.
