Bahama Breeze Bridge Loan

Panama City Beach
,
FL
75% LTC, I/O
Landscape view of Panama City Beach showing a golf course, downtown buildings, and the beach of the Gulf of Mexico
Amount: $
1055820
Interest Rate: 
9.99
%

StackSource successfully placed a $1,055,820 bridge loan to fund the acquisition and repositioning of a 16-unit short-term rental property located in Panama City Beach, FL. The sponsors plan to complete a comprehensive 6-month capital expenditure project, and bring the property back onto the market as a boutique short-term rental utilizing sites like Airbnb, VRBO and their own booking website. When the sponsor’s local lending relationship was unable to provide financing, Capital Advisors Andrew Bouton and Philip Davis were able to locate a lender able to close under 30 days at 75% LTC and an interest rate of 9.99%. During the closing process, the seller of the property became unresponsive and refused access to the property for the lender to complete an appraisal. Andrew and Philip were able to negotiate a 10% hold-back reserve by the lender to be released after the completion of an appraisal after closing.

Charitable Cause supported by 1% of StackSource's revenue on this transaction: