Amount: $3,750,000 • CLTV: 60% • Rate: 10.75%
Property
A 7,500-square-foot, newly constructed modern single-family estate situated in a prime Miami, FL location. Park 49 structured $3,750,000 in senior bridge debt to facilitate the rapid acquisition of the luxury investment asset.
Scenario
A foreign national sponsor sought to acquire a newly constructed, 7,500-square-foot luxury residential property in a high-demand Miami neighborhood as an investment asset. Due to foreign national underwriting friction and restrictive timing constraints, traditional bank financing could not be finalized in time to meet the seller’s strict closing deadline. The buyer engaged Park 49 to engineer a short-term private debt solution. Park 49 underwrote the prime residential collateral and executed a $3,750,000 senior bridge facility at a conservative 60% CLTV and a 10.75% interest rate. The flexible 6-month loan provided the sponsor with immediate capital to close the acquisition seamlessly, allowing ample runway to complete their long-term foreign national banking qualification and pay off the bridge debt ahead of maturity.