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.