Hard Money Lenders Provides $8M Bridge Loan For Development Site In Naples
FINANCED
$8,000,000
Florida
See Similar DealsDevelopment Site10,317 SF
Financed 05/15/2024
FINANCED
Hard Money Lenders Provides $8M Bridge Loan For Development Site In Naples
3455 Gin Lane
See Similar DealsDevelopment Site10,317 SF
Financed 05/15/2024
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$775
Total Square Footage:10,317 SF
Transaction Type:Loan
The development site located at 3455 Gin Lane in Naples, Florida, spans 10,317 square feet with a buildable square footage of 20,937. The property served as the collateral for a Bridge Loan worth $8,000,000 facilitated by Yuval Elkeslasi of Hard Money Lenders IO.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Address: 3455 Gin Lane
- Market: Naples, Florida
- Lender: Yuval Elkeslasi - Hard Money Lenders IO
- Loan Type: Bridge Loan
- Loan Terms: 1 Year Bridge Loan
The borrower, an experienced spec home builder in Naples, secured the $8 million construction loan for a spec home in Port Royal Naples through the assistance of Hard Money Lenders IO, a boutique private money lender based in Aventura, Florida.
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LENDER
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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