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Seal Cove;

Fund General Counsel

Seal Cove;
Ellsworth, ME

Loan Amount:

$10.2 million

Loan Type:

Bridge Loan

Interest Rate:

13%

Origination Fee:

.50%

Loan Term:

24 months

Equity Kicker:

7.5%

Details: In the heart of Ellsworth, Maine, Seal Cove is a 90-bed residential care facility near downtown’s shops and dining. Our borrower’s bank declined funding only weeks before they were set to close on the property. We came in with our $10.2 million facility and the sellers carried $3 million behind us. We also received 7.5% equity in the project as part of the deal.