MIAMI LAKES, FLORIDA – March 8, 2023 – Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has closed a $1,000,000 bridge loan secured by a single-family property in Miami Lakes, Florida. Through its network of real estate agents, brokers, and experienced borrowers, Source Realty Capital originates short-term real estate bridge loans for real estate professionals looking to purchase and or renovate investment properties. Source Realty Capital also provides long-term financing options for investment rental properties.
The 1-year, fixed rate bridge loan was used to facilitate a quick purchase of the Miami Lakes property, as the borrower had a “time of the essence” closing and did not have time to arrange for permanent financing. The borrower intends on finding a tenant for this property and then refinancing with a long-term DSCR loan. The property was purchased for $1,350,000 through an arms-length transaction. The $1,000,000 loan represented a loan-to-value of just under 75%. It is expected that the rental income from this property will be just around $9,000 month. The company that purchased this property is an experience real estate investor located in Queens, NY. They’re an active investor of both rental and distressed properties in Long Island and Florida. This was our 5th financing for this borrower in the last three years.
“We’re excited to close this loan for our borrower. They had hard money down on the contract and needed to close fast to save the deal” commented John Femenia, founder and principal of Source Realty Capital. “Since we had a prior relationship with this borrower, we were able to expedite the underwriting process and close this in short order. Once the property is rented out, we’ll work on arranging the DSCR take-out loan.” further commented John Femenia.
ABOUT SOURCE REALTY CAPITAL
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. By focusing exclusively on 1-4 family and small balance multi-family properties, Source Realty Capital has been able to carve out a niche for itself and effectively deliver capital to experience real estate investors. Source Realty Capital has originated over $200 million of private money real estate loans.
Source Realty Capital’s founder, John Femenia, has over 15 years of finance experience. Prior to forming Source Realty Capital, John was focused on raising capital for the shipping and maritime industries, where he raised over $2 billion of equity and debt capital. At Source Realty Capital, John is focused on using his finance experience to assist real estate investors in raising capital for their deals. John has an undergraduate degree in engineering from the United States Merchant Marine Academy, and MBA in finance Columbia Business School.