Offering Details
Senior secured development loan for a 24-unit luxury condo project on Collins Avenue, Miami Beach. First lien position on $12M appraised property. Developer has 20-year track record with zero defaults.
Collateral
First lien on 0.8-acre beachfront parcel + improvements. LTV: 65%. Personal guarantee from developer.
Financial Summary
Interest Rate11.5% APR
Term18 months
TypeDevelopment
Total Size$2,000,000
Funded$1,400,000
Remaining$600,000