Bridge Loan for Ten Property Portfolio in Hollywood, FL

Our borrower purchaed a 10 property porfolio in Hollywood, FL. The deal consisted of nine properties that ranged from 2-4 families, and one 6-family property.  The total unit count of the deal was 36 units.   The total contract price was $5.2 million.  Our borrower put down 10% on each contract, for a total of $520,000.  The properties were 100% leased.  The cap rate for this deal was 6.5%.

Our loan on this property was for $3.12 million, or 60% of purchase price.  Given the tight timing of this deal, we had close it with a bridge. The borrower will refinace with a long-term DSCR loan in the next few months. Our borrower’s equity came from a 1031 exchange for a few properties that he sold in California.  He has sigificant experience owning and operating multi-family properties.

“We were super excited to close this deal for our borrower.  He had over $500,000 of hard money down on contract and needed to close fast.  It was challenge to underwrite 10 different properties in such a tight timeframe, but we got it done in time.  Our borrower was able to close and is now working on the refinance.  Looking forward to doing more deals with this borrower!” – John Femenia

Please see our blog post on this deal.

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