The subject loan is for the construction of six single-family stand-alone homes.  The loan amount is $895,000 and the appraised as-completed value is $1,392,000, with a loan to value ratio (LTV) of 64.3%. Consistent with BRMK’s lending practices, the entire loan amount is not released at closing.  Funds are disbursed as construction draws as the project progresses.  We believe BRMK’s draw process is detailed and includes third party inspections and lien releases through each stage of construction before additional funds are disbursed.

Two of the homes are in North Port, FL and the remaining four are in Cape Coral, FL. Each home is identical and will be a single-story ranch with a traditional design style and will include three bedrooms, two baths and 1,549 square feet of living space. The homes will feature a large island kitchen, master suite with walk in closet, 2 car garages, stainless steel appliances, granite counter tops, and a covered lanai.

North Port is midway between Sarasota and Fort Myers.  It boasts 95 miles of freshwater canals and is also the only city in Florida that contains a state forest (Myakka State Forest) within its boundaries. 

The North Port subject lots are infill lots within residential neighborhoods, located within 10 minutes of the Port Charlotte Town Center and within 5 minutes of the Central Business District. It is a nice residential neighborhood and within close-proximity of at least 13 schools ranging from elementary to high school.

Cape Coral is located near Fort Myers  just north of the Caloosahatchee River, and is known as a boaters paradise for its over 400 miles of canals. 

The Cape Coral subject lots are in residential neighborhoods 25 minutes west of Fort Myers, and 20 mins north of the Cape Coral’s Central Business District. They are also 5 minutes from a primary arterial for North Cape Coral that features numerous restaurants and retailers.

Both communities are attractive to retirees and families due to the multitude of recreational activities as well as their central business districts and good public-school systems.   The appraised value per completed home is $232,000 and will appeal to either an investor looking for rental properties or an end user.

The borrower is a repeat client who has funded 15 construction loans with Broadmark Realty Capital and its predecessor funds. Eight of these loans have been repaid in full.  He is an experienced developer and a seasoned investor; his company has built and sold over 80 new construction rental properties since its inception. He is professional, communicative, and has paid all interest payments on time. We are confident that the subject property will be completed on time and within budget.

Since 2016, the borrower has been a repeat client that funded 15 construction loans with BRMK and its predecessor companies to develop residential and commercial projects. Eight of these loans have been repaid in full. He is an experienced developer and a seasoned investor; his company has built and sold over 80 new construction rental properties since its inception. He is professional, communicative, and has paid his BRMK loans on time . His track record has been strong and we are pleased to finance his latest project.