Equity Lending Solutions Provides $2.38M Bridge Loan For Sunny Isles Beach Condo | Hector Castro
18975 Collins Avenue, Sunny Isles Beach, Florida 33160, United States
$2,380,000
$749/SF
Building Size
3,176 SF
Asset Type
—
Closing
Feb 10, 2022
AI
A 24-month bridge loan has been secured for a condominium located at 18975 Collins Ave, Unit 1702 in Sunny Isles Beach. The condo spans 2,682 square feet and is part of Equity Lending Solutions' lending portfolio. The loan, totaling $2,380,000, was facilitated by Hector Castro, who represents Equity Lending Solutions in this transaction.
Summary of transation details
- Property Type: Condo
- Transaction Amount: $2,380,000
- Address: 18975 Collins Ave, Unit 1702
- Market: Sunny Isles Beach
- Loan Type: Bridge
Hector Castro of Equity Lending Solutions played a key role in securing this 24-month bridge loan for the property. The loan terms include no prepayment penalty, providing flexibility for the borrower.
Players
Sunny Isles Beach CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.67%
Cash-on-Cash
-1.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93