$2,200,000

Bridge Loan

Vero Beach, FL

W Financial provided acquisition financing enabling our client to purchase a defaulted note from a local bank in Florida.  The note was secured by eleven unsold condominium units located in a large, successful project in Vero Beach, Florida.  The eleven units were the last units of a 700 unit project and were the only remaining unsold units owned by the developer.  These units were recently completed and as a result of the slow sales market the developer went  into default with his current lender.  Our client purchased the defaulted note at a discount and W Financial provided a portion of the acquisition proceeds.  The units are in excellent condition and our loan basis is extremely low relative to recent sales in the market.