Multifamily Bridge Loan – Miramar Beach, FL
One thing that sets Lima One apart from our competition is our robust product suite and the flexibility that comes along with it. For example, if an investor comes to us needing a new construction loan to start but later wants to refinance that into a rental loan, we are able to meet those real estate financing needs from end to end.
In this deal, a Florida-based investor purchased multifamily housing along Miramar Beach in the Destin-Fort Walton area that needed heavy rehab before units could be rented out. With Lima One’s fix and flip loan, this investor completely renovated the building’s interior and exterior spending nearly $300,000 per unit.
When renovations were finished and the units were ready to rent, this investor turned to Lima One again to refinance his fix and flip loan into a long-term loan through our multifamily loan product.
Multifamily Bridge Loan By the Numbers
- Loan Purpose: Refinance and Value-Add Rehab
- 6 units
- Loan Amount: $3.2M
- ARV: $4.1M
- Loan to ARV: 78%
- Loan Term: 13 months
- Purchase Price: $665K