Acquisition Financing for a Luxury SFH in Delray Beach, FL
Additionally secured by a 1st mortgage on a Luxury Single family Property in Boynton Beach, FL
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has completed a $1,500,000.00 1st mortgage, to fund the acquisition of a 3,500 SF luxury SFH in the community of Mizner’s Preserve in Delray Beach, FL. The Property is a short drive from the shops, restaurants and lifestyle amenities of Downtown Delray Beach. The Property recently underwent a full renovation of the kitchen and contains a custom entertainment center and a segregated guest house. Our Borrower was in contract to purchase the home for $950K. Given the purchase price, it was necessary for Paradigm to secured additional collateral to be able to fund this acquisition. Our loan is additionally secured by a 1st mortgage on a SFH in Boynton Beach, FL, this property had an existing 1st mortgage which was paid off as part of this transaction. The Boynton Beach property is 4,600 SF luxury home with custom vaulted wood ceilings and custom balconies overlooking a courtyard and pool/spa area, the balconies also provide views of the ocean as the Property is located just a block from of the Atlantic. The Boynton Property is currently listed for sale.
David Kushner, the President of Paradigm Credit Corporation offered this about the transaction, “Our Borrower had a time of the essence closing date on his acquisition, which precipitated his need for our loan. Paradigm’s familiarity with the South Florida market, as well as our existing relationships with third party professionals in the area allowed us to meet the time constraints of our Borrower’s hard closing date. Due to our transparent and flexible closing process and our willingness to work with our Borrowers, we were able to work through any potential pitfalls and create a loan structure which satisfied the needs of our Borrower. Paradigm’s loan represents 52% of the properties’ underwritten value and Paradigm was able to close this transaction in 15 business days from origination.”