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Metro Fund Inc. Provides $3M Construction Loan For SFR On South Hibiscus Drive In Miami Beach

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FINANCED
$3,000,000

Florida

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Single Family Residence4,750 SF
Financed 07/26/2023
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FINANCED

Metro Fund Inc. Provides $3M Construction Loan For SFR On South Hibiscus Drive In Miami Beach

375 S Hibiscus Dr Miami Beach, FL 33139, USA

See Similar Deals
Single Family Residence4,750 SF
Financed 07/26/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Single Family Residence
Price Per Square Foot:$631
Total Square Footage:4,750 SF
Transaction Type:Loan

The property involved in this loan transaction is a single-family residence located at 375 South Hibiscus Drive in Miami Beach. The property spans approximately 4,750 square feet and is owned by Federico Trotta.

Summary of transaction details

  • Property Type: Single-Family Residence (SFR)
  • Transaction Amount: $3,000,000
  • Lender: Metro Fund Inc. - Orlando Diaz
  • Loan Type: Construction
  • Loan Terms: Prime plus .75% on a 3 year financing 100% of the construction costs

Metro Fund Inc., represented by Orlando Diaz, acted as the lender for this construction loan. The loan amount provided was $3,000,000, covering the full construction costs of the property. The loan term is set at 3 years, with an interest rate of prime plus .75%. This loan is interest-only for the duration of the term. For more information on Metro Fund's construction and commercial loan programs, please see their website at www.metrofundgroup.com or contact Orlando Diaz at [email protected].

Players

Orlando Diaz
Metro Fund
Orlando Diaz
4 deals$19.6M volume
BROKER
Metro Fund
Metro Fund
LENDER

Details

FINANCED
IMAGE: Orlando Diaz & Federico Trotta DATE: 07/26/2023 ADDRESS: 375 South Hibiscus Drive MARKET: Miami Beach ASSET TYPE: SFR ~ SFR: 4,750 LENDER: Metro Fund Inc. (@Metrofundgroup.com) - Orlando Diaz (@Odiaz314) LANDLORD: Federico Trotta (@Fe.de.trotta) LOAN AMOUNT: $3,000,000 LOAN TYPE: Construction LOAN TERMS: Prime plus .75% on a 3 year financing 100% of the construction costs. NOTE FROM LENDER: Metro Fund Inc. arraigned financing for a seasoned developer with 100% construction cost financing on a spec home. Loan is interest only for 3 years at prime plus .75%. For more information on Metro Fund's construction and commercial loan programs, please see our website at www.metrofundgroup.com or reach out at [email protected].

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$3,000,000.00

Monthly NOI$20,000.00
Monthly Debt Service$18,962.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00