$2,200,000 Bridge Loan,FL
W Financial provided acquisition financing for our client who purchased a defaulted note from a local bank in Florida. The note was secured by eleven unsold condominiums located in a large project located in Vero Beach, Florida. The eleven units were the last units of a 700 unit project and were the only remaining unsold units owned by the developer. These units were recently completed and as a result of the slow sales market the developer went into default with his current lender. Our client purchased the defaulted note at a discount and W Financial provided a portion of the acquisition proceeds. The units are in excellent condition and our loan basis is extremely low relative to recent sales in the market.
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