$350K Rehab Bridge: Waterfront 6-Unit in Madeira Beach
Madeira Beach, FL — A repeat borrower acquired a fatigued 6-unit multifamily property directly across from the beach, on a protected waterway with its own boat slip, to renovate and resell. Helvetica funded a $350,000 first-mortgage rehab loan so the renovation could begin immediately.
The Problem
The property's location was doing all the work — steps from the sand and on the water with a boat slip, it produced solid rental income even in worn condition. But a vacant, dated building mid-renovation is not collateral a bank will lend against, and the value creation depended on starting the $130,000 renovation without delay.
The Helvetica Solution
Helvetica funded a $350,000 senior first-mortgage rehab loan on a 24-month interest-only term — 52% loan-to-value against the $670,000 as-is value, independent of the post-renovation upside. The borrower, an experienced contractor and repeat Helvetica borrower with a flawless payment record and more than 100 completed renovation projects, had the runway to finish the work and sell into a strong beach market.
Benefit to the Borrower
- Renovation started immediately, without bank underwriting delays
- Leverage sized on the as-is value, not a hoped-for future appraisal
- 24-month interest-only term gave ample room to renovate and resell
- Repeat-borrower relationship meant a fast, certain close
Deal Highlights
- $350,000 first-mortgage rehab loan
- 52% LTV against the $670,000 as-is value
- 24-month interest-only term
- $130,000 renovation budget with an estimated $950K–$1.2M renovated value
- Waterfront 6-unit with boat slip, across from Madeira Beach
- Exit: renovate and resell within the term
Have a renovation that needs fast funding?
Helvetica funds rehab and value-add bridge loans from $300K–$10M+ with closings typically 3–10 days following receipt of all requested documentation.
