| Transaction: |
Coral Cove, Cape Coral, FL |
| Property Type: |
Condominium Conversion (288 units) |
| Structure: |
Bridge Loan |
| MF Investment: |
$29,000,000 |
| Date: |
May 2005 |
| Broker: |
N/A – Repeat Borrower |
| Senior Loan: |
N/A – Whole Loan Issued by MF |
| Description: |
Borrower has closed a number of bridge transactions with Mountain Funding, most of which required quick closings. In this instance, the loan had to close within 2 weeks. As Borrower had several other transactions in its pipeline to close within the following weeks, Mountain Funding and Borrower agreed to establish a fixed pricing, due diligence and documentation format enabling them to continue to close deals quickly and take advantage of opportunities while the condo craze lasted. Three other similar condo transactions, plus one land deal, have been identified to close within the following 2 months. |
