SANDS POINT, NEW YORK – JULY 6, 2023 – Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $4,200,000 bridge loan to purchase and renovate a residential property in Sands Point, NY. Through its network of brokers, real estate agents and experienced borrowers, Source Realty Capital originates short-term real estate bridge loans for real estate professionals purchasing and or renovating investment properties. Source Realty Capital also provides long-term financing options for investment rental properties, loans typically called “DSCR” loans.
The 12-month, floating rate bridge loan was used to purchase the Sands Point property, as well as provide the borrower with the money necessary to complete the renovations of the main house. The 7.5-acre waterfront property is located in the heart of the Long Island Gold Coast. This waterfront compound boasts over 500 ft of sandy beachfront with direct access to Hempstead Harbor as well as sweeping views of the Long Island Sound. The property was purchased for $5,750,000 from the trust of its previous owners. The main house on the property is in good condition and just needs light cosmetic upgrades of the kitchen and baths. Our borrower that purchased this property is an experienced real estate investor with holdings in New York City and Miami.
“This is an amazing opportunity for our borrower. This is a truly unique waterfront property on the Gold Coast of Long Island” commented John Femenia, founder and principal of Source Realty Capital. “There are just not many waterfront lots of this size left in the area. When we were first presented with this deal, we knew it was a winner. Our borrower is acquiring this property at very attractive entry point.” further commented John Femenia.
ABOUT SOURCE REALTY CAPITAL
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. By focusing exclusively on 1-4 family and small balance multi-family properties, Source Realty Capital has been able to carve out a niche for itself and effectively deliver capital to experience real estate investors. Source Realty Capital has originated over $200 million of private money real estate loans.
Source Realty Capital’s founder, John Femenia, has over 15 years of finance experience. Prior to forming Source Realty Capital, John was focused on raising capital for the shipping and maritime industries, where he raised over $2 billion of equity and debt capital. At Source Realty Capital, John is focused on using his finance experience to assist real estate investors in raising capital for their deals. John has an undergraduate degree in engineering from the United States Merchant Marine Academy, and MBA in finance Columbia Business School.
Media ContactCompany Name: Source Realty CapitalContact Person: John FemeniaEmail: Send EmailCity: GreenvaleState: NYCountry: United StatesWebsite: www.sourcerealtycapital.com
