CRE Bridge Loan, Fort Myers, Florida - Motel Acquisition and Rehab Loan
Client: An experienced local real estate sponsor and investor in the residential and fix-and-flip market.
Transaction: Acquisition and rehab loan for a motel with 22 rooms located in Fort Myers, Florida.
Challenge: The client needed to close quickly as the property was under contract, and another lender did not execute on a loan closing.
Opportunity: Another bridge lender could not close within the timeframe, but Sherpa Capital Group LLC was able to complete diligence, conduct a site visit, and provide financing within 10 days.
Action: Sherpa Capital Group LLC provided a first mortgage, and the borrower's exit strategy is to conduct a full update to units and continue operating as a motel, focusing on short-term weekly and monthly rentals for workforce housing. There is a significant shortage of workforce housing in the market. The plan is to refinance with a local lender or SBA bank within 12 months.
Transaction: Acquisition and rehab loan for a motel with 22 rooms located in Fort Myers, Florida.
Challenge: The client needed to close quickly as the property was under contract, and another lender did not execute on a loan closing.
Opportunity: Another bridge lender could not close within the timeframe, but Sherpa Capital Group LLC was able to complete diligence, conduct a site visit, and provide financing within 10 days.
Action: Sherpa Capital Group LLC provided a first mortgage, and the borrower's exit strategy is to conduct a full update to units and continue operating as a motel, focusing on short-term weekly and monthly rentals for workforce housing. There is a significant shortage of workforce housing in the market. The plan is to refinance with a local lender or SBA bank within 12 months.
