MIAMI, FLORIDA - February 20, 2023 - Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $1,700,000 cash-out bridge loan for a 33-unit multifamily property in Miami, Florida. Source Realty Capital, through its network of loan brokers, borrowers and other real estate professionals originates real estate loans for experienced real estate investors. Source Realty Capital originates business purpose loans consisting 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.
The 12 month, fixed rate bridge loan consisted of an initial advance of $1,400,000, which was the cash-out portion of the loan, as well as a $300,000 construction holdback. The construction holdback on this loan will be used to compete cosmetic renovation of the units as well as to complete the 40-year certification. The borrower intends to use the cash-out proceeds from this deal to renovate other multifamily properties that they own in the area.
This property, located in the Liberty Square area of Miami, was purchased for $4,050,000 in July of 2022. The borrower used funds from the sale of another property via a 1031 exchange to purchase this property. At the time of this refinance, the property was about 80% leased, with about 20% of the units renovated. The borrower intends on renovating the remaining units over the next 12 months.
“We were extremely pleased to be able to get our borrower the cash-out they needed on this deal.” commented John Femenia, founded of Source Realty Capital. “Typically, it’s not common to do a cash-out refinance of a non-stabilized property. However, given the significant equity our borrower had in this property and relatively light renovation needed, we were able to structure this deal with both a cash-out and a construction holdback.” further commented John Femenia. “Once the renovations are completed, our borrower will be able to refinance into a long-term loan” John Femenia.
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.
Media Contact
Company Name: Source Realty Capital
Contact Person: John Femenia
Email: Send Email
City: Greenvale
State: NY
Country: United States
Website: www.sourcerealtycapital.com
