Waterfront 15K sqf home

We just closed a $6.6M 14% interest one year bridge loan on a waterfront 15000 sqf and 3.7

acres spec home in Orlando, FL. The borrower, a NBA player who made over $60M salary

over his career, built this home with an indoor basketball court. The home is currently for sale

and was appraised twice for over $15M. The borrower needed funds for his other real estate

investments while his house was being sold.

The house was twice appraised over $15M, which makes the loan a 41% Loan to Value

loan including the 6 months interest prepayment. We were able to receive a $432,000 check

at closing. This is the moment to deploy money at high interest rate and short maturities as the

interest rate should come down next year.

The house is located in the Windermere lake area where athletes like Tiger Woods, Vince

Carter or Shaquille O’neal enjoy owning properties. The house is currently in the market for

sale at $16.5M. Listing below.