Hard Money Lenders Provides $8M Bridge Loan For Development Site In Naples
3455 Gin Lane
$8,000,000
$775/SF
Building Size
10,317 SF
Asset Type
Development Site
Closing
May 15, 2024
AI
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.
Players
Naples Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93