$1.2M Refinance Bridge: Fort Lauderdale Owner-User Industrial
Fort Lauderdale, FL: Identity theft damaged a business owner's credit, and his bank declined to extend a maturing loan. Helvetica refinanced the owner-occupied industrial building with a $1.2 million bridge at 50% LTV and added working capital.
The Borrower's Problem
The owner had held the building since 2011 and ran his manufacturing business from it. A computer hack and identity theft dropped his credit score sharply. When his bank loan matured, the bank declined to extend it.
He had substantial reported net worth and over $600,000 in cash, but no bank would lend while his credit was being repaired. He also needed working capital to buy inventory.
The Helvetica Solution
Helvetica funded a $1.2 million first-mortgage bridge against a $2.8 million appraisal. That is 50% LTV, about $59 per SF of loan against $128 per SF of value.
The 12-month, interest-only loan paid off the maturing bank loan and freed up working capital. An option to extend another 12 months gave the owner time to finish repairing his credit.
Benefit to the Borrower
- Maturing bank loan paid off before default
- Working capital to buy inventory
- Interest-only payments while his credit recovered
- A 12-month extension option for added runway
Deal Highlights
- $1,200,000 first-mortgage cash-out refinance bridge
- 50% LTV against a $2.8 million appraisal
- Built in 1980; about 4,000 SF of office and showroom space
- 1.84-acre site on a busy street with good visibility
- Planned exit: conventional refinance once credit returned to its prior level
Did your bank decline to extend a maturing loan?
Helvetica funds bridge and structured loans from $300K–$10M+, typically closing in 3–10 days following receipt of all requested documentation.
