How a Miami sponsor secured $4.6M bridge financing in 14 days to outbid an institutional buyer.

Coral Coast had won a 32-unit multifamily building under contract at $6.4M after a 9-bidder process. The seller — an estate — required all-cash close in 30 calendar days. Diego had already burned 16 days during inspection. He had 14 days to find $4.6M.

His commercial bank quoted 60 to 75 days minimum. A New York-based fund with a backup offer was waiting in the wings to scoop it if he missed the close.

Diego's broker engaged XFundingIntel's bridge desk Friday afternoon. By Monday morning, three private bridge lenders had reviewed the file. One — a Florida-focused fund — issued a term sheet inside 48 hours: 12-month interest-only at 9.75%, 72% LTV, two 6-month extensions.

Appraisal was ordered Tuesday and completed Friday — the bridge lender used a vetted appraiser already on its panel. Title and survey ran concurrently. Loan docs were drafted the following Monday and the deal closed Thursday — Day 14.

Coral Coast began a soft renovation program day-one. Six down-units were brought to market-rate rents inside 90 days, lifting the building's cash-on-cash return materially before any refinance conversation.

The asset is on schedule for a permanent agency take-out at month 14, projected at a 6.4% cap on stabilized NOI — a $1.6M equity gain on the original purchase, before considering the renovation lift.

Diego has since brought two more value-add deals to the same bridge desk. The lender now considers Coral Coast a programmatic borrower with a soft credit committee approval.