HOLLYWOOD, FL / ACCESSWIRE / February 13, 2022 / Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $3,120,000 bridge loan for the purchase of ten property rental portfolio in Hollywood, Florida. Source Realty Capital, through its network of experienced borrowers, loan brokers and real estate agents originates real estate loans for experienced real estate investors. The business purpose loans Source Realty Capital originates consist of both short-term bridge loans for investors looking to purchase and or renovate properties, as well as long-term financing options for investment rental properties.
.jpg)
The 12 month, fixed rate bridge loan was used to purchase the portfolio of ten properties in Hollywood, FL. The properties consisted of nine 2-4-unit properties, as well as one 6-family property, for a total of 34 units. The properties were 100% leased. The purchase price for the portfolio was $5.2 million, representing a 6.5% capitalization rate. The total unit count of the portfolio was 35 units.
The borrower on this deal, an experienced real estate investor that owns over 100 units, used funds from the sale of another property to complete this purchase. The borrower had to close this deal in short-order to take advantage of the 1031 exchange tax savings. The bridge loan provided was used to facilitate the quick closing, which was under 3 weeks. The borrower intends on refinancing this bridge loan to a long-term rental loan within the next 60 days.
"After losing valuable time with a lender that couldn't close, the borrower came to use with an extremely tight timeframe to get this done for him," said John Femenia, founder and principal of Source Realty Capital. "At first, we wanted to give the borrower a rental loan, but we just didn't have time to complete the diligence required for a long-term loan. The borrower had over $500,000 of hard money down on the contract, and we didn't want to miss his closing date. The bridge loan allowed the borrower to close on-time. We were extremely happy to get this deal done for our borrower."
ABOUT SOURCE REALTY CAPITAL
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. Source Realty Capital focuses exclusively on 1-4 family and small balance multi-family properties, carving out a niche for itself and effectively delivering capital to experienced real estate investors. Source Realty Capital has originated over $200 million of private money real estate loans.
Source Realty Capital's founder, John Femenia, has over 15 years of finance experience. Prior to forming Source Realty Capital, John was focused on raising capital for the shipping and maritime industries, where he raised over $2 billion of equity and debt capital. At Source Realty Capital, John is focused on using his finance experience to assist real estate investors in raising capital for their deals. John has an undergraduate degree in engineering from the United States Merchant Marine Academy, and MBA in finance Columbia Business School.
For more information about Source Realty Capital, please visit www.sourcerealtycapital.com.
Contact:
John Femenia
347-263-3592
[email protected]
SOURCE: Source Realty Capital