MIAMI --- Absolut Financial Resources arranged a $1.75 million loan to Bag Boy Enterprises LLC who acquired the property for $3MM.
The borrower obtained the services of Absolut Financial Resources for financing a real estate acquisition in Homestead, FL. This loan had a short fuse and Absolut Financial procured funding in less than 30 days. The borrower purchased 13 twin homes, 50 developed lots and 3 single family homes in Homestead, Florida. The 50 twin home lots are fully developed and ready to build, improved with interior roads and infrastructure. Average lot sizes are 4,354 SF. The 13 twin homes were built in 2007-2008 and the 4 bedroom 2.5 bath twin homes average 2,114 SF. Most of the units are rented at an average of $1200 per month. The three single family homes include 5 bedrooms and 3 baths and average $3500 rental per month.
Situated at SW 137TH Avenue and SW 260th Street, Miami-Dade County, the property is west of the Turnpike, east of US1 at the south east corner of SW 260th and SW 137 Avenue. Five miles from the new Homestead Baptist Hospital, this area in Homestead has seen tremendous growth with both residential and commercial use. Homestead’s real estate market is poised for growth due to existing infrastructure and a lack of land for single-family development in Miami-Dade County.
Absolut Financial Resources arranged the $1,750,000 loan at a very competitive interest rate, 5 year term, 30 year amortization.
Absolut Financial Resources finances various types of commercial real estate and loans typically average above $5MM. Based out of Miami, with over 26 years’ experience, AFR is known for experience and creative structuring in providing loans which meet their borrower’s requirements.