$2M Refinance Bridge: Four-Property Tampa Rental Portfolio

The Borrower's Problem

The owner, an experienced Tampa-area landlord, was refinancing four rental loans when a family death interrupted the process. All four loans matured before the conventional refinance could close, and the delinquency put 29 leased units across four properties at risk.

The borrower needed speed, not a new long-term loan: time to cure the matured debt, season recently signed leases, and complete the conventional refinance already underway.

The Helvetica Solution

Helvetica funded a $2,000,000, 12-month interest-only bridge secured by first mortgages on all four properties. The primary collateral is an 18-unit multifamily property in three block-construction buildings with a broker opinion of value of $2,160,000.

Three additional Tampa rentals cross-collateralized the loan: a 2,640 SF fourplex with $57,600 in gross annual rent, a 3,990 SF fourplex with $72,000, and a 2,735 SF triplex with $34,800. Combined, the portfolio carried a $4,417,000 market value, placing the loan at 45.3% LTV.

The structure included two 6-month extension options, giving the borrower up to 24 months of total runway if the conventional takeout took longer than planned.

Benefit to the Borrower

• One $2,000,000 bridge cured four matured loans in a single closing.
• Interest-only payments kept carrying costs low while leases seasoned.
• Two 6-month extension options protected the conventional refinance timeline.
• 45.3% LTV across $4,417,000 in collateral left substantial equity untouched.

Deal Highlights

• $2,000,000 refinance bridge; first-mortgage security on four properties
• 29 rental units across one 18-unit multifamily property, two fourplexes, and a triplex
• Primary collateral valued at $2,160,000 by broker opinion
• Combined portfolio value of $4,417,000; 45.3% LTV
• 12-month interest-only term with two 6-month extension options
• Planned exit: stabilize and refinance with a conventional lender