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Investing in the hottest properties in the most profitable markets is always wise, but it’s not always easy. In fact, many investors seeking to bolster their portfolios have trouble getting the loans they need to make purchases quickly, especially when in competition with other investors.
One such case recently emerged when an investor wanted to purchase a pricey home in the gated Belle Meade community: a Miami enclave filled with quality homes and excellent investment opportunities. This investor was unable to secure a purchasing loan from their regular source.
So, they turned to Vaster. Today, let’s break down one of the fastest and most successful Vaster-funded loans in detail and review why you might turn to Vaster for all your Miami real estate investing needs.
An Overview of the Deal
The Belle Meade deal began when our client required assistance securing a single-family home built in 1956. It was a perfect home for the client’s needs, featuring nearly 3000 internal square feet, a pool, a boat slip, and a large backyard. In many ways, it was typical of the quality properties found in the Belle Meade area. Our client wanted to purchase the property for investment purposes.
However, this specific deal had a number of key challenges and limitations that made it difficult for our client to initially secure funding.
A Narrow Closing Window
First, our client faced a very tight closing window and was at risk of losing their earnest deposit (sometimes called a good faith deposit).
An Urgent Need for Fast Financing
Our client also needed a fast purchase loan as their future exit strategy relied on refinancing the property. Fast financing needs are not rare, especially in hot markets like Belle Meade, since many purchase loans can take several weeks or months to close or clear.
How Vaster Funding Closed This Sale in a Week
Vaster got to work once our client contacted us. It took Vaster just ten days in total to close the deal and provide our client with the purchase loan they needed.
The loan totaled well over $4.5 million and was enough to help our client make the purchase and prevent their good faith deposit from being wasted. In the end, this Vaster-funded Belle Meade deal is representative of the types of results our clients can expect when they contact Vaster today.
What Makes Belle Meade the Perfect Investment Location?
The Belle Meade deal was advantageous for our client for several key reasons, including its great location.
Belle Meade Is a Quiet and Sought-After Gated Community
For starters, Belle Meade is a secure and in-demand community. This residential neighborhood is located on the north end of the Upper East Side of Miami, itself one of the most desirable metropolitan areas in the entire country.
Gated residential communities offer additional security and isolation from many of the negatives of living in big cities, such as high crime, loud noises, and dirty streets — and Belle Meade is no exception.
In contrast to homes throughout Miami, Belle Meade is a neighborhood where comfort, class, tranquility, and cleanliness are maintained for its residents. It’s a very quiet gated community with not one but two different guard gates, one located after crossing the primary bridge from the mainland.
These homes benefit from a beautiful landscape, a diverse neighborhood, and pedestrian-friendly streets. This quiet, semi-hidden neighborhood also provides a nice balance of urban calm and natural habitats. It's walkable, gated, and perfect for enjoying the proximity to Miami without the downsides inherent in similar properties outside gated communities.
Belle Meade Is Close to Midtown, Downtown, and the Design District
In addition to the quality of the homes and local neighborhood, Belle Meade is a prime investment market because of its proximity to Miami’s Midtown, Downtown, and Design districts. This location enables residents to enjoy Miami nightlife, amenities, and entertainment options year-round without going out of their way or worrying about excessive travel times.
For nature enthusiasts, Belle Meade is also close to Biscayne Bay and other popular beaches and parks like Virginia Key, Fisher Island, Morningside Park, and South Beach. It’s also near appealing golf courses like Miami Shores Country Club and Normandy Shores Golf Course, making it an ideal location for almost everyone.
Homes in the Area Are Worth Up to $10 Million
Belle Meade is desirable for the quantity, quality, and type of homes available. This gated community has approximately 390 single-family homes available for investors and future residents alike. These also include 90 different waterfront homes on the Belle Meade Island and surrounding waterways, such as Belle Meade Boulevard and Little River.
Many of these homes have between 1500 and 2000 ft.² of interior living space. Most of the homes are available with reasonable lot sizes, such as 5900 ft.² on dry land lots and 12,300 ft.² for waterfront lots.
While some are available for approximately $700,000, many are worth up to $10 million. These prices alone make the homes at Belle Meade exceptional investment vehicles for investors with the cash to make a down payment or good faith deposit. With help from private lenders like Vaster, many investors can add a lot of value to their portfolios with just a single purchase.
Why Choose Vaster?
While our client was overall very pleased with the deal and how rapidly Vaster was able to respond, future investors may wonder why we’re the best choice for their financing needs. There are many reasons why you might consider Vaster for your private loan, whether you want to invest in residential or commercial real estate or land for development.
Super Jumbo Financing
Firstly, Vaster offers super jumbo mortgage loans for many clients. In a nutshell, super jumbo financing involves lending more money than normal. Super jumbo loans exceed the conforming loan limits typically set by Fannie Mae and Freddie Mac.
For some investors, super jumbo financing is the only option to purchase large land plots or to purchase highly competitive properties, especially in booming markets. That’s why Vaster offers competitive super jumbo financing with excellent rates and no maximum loan amount.
Simply put, when you borrow from Vaster, you can get the loans you need at the rates and limits that work for your budget, investment goals, or development plans. You can speak to a loan officer for more information.
Backed by Florida’s Real Estate Titans
Perhaps more importantly, Vaster’s private lending organization is backed by two of the largest real estate companies in Florida: Fortune International Group and The Related Group.
The Fortune International Group has over 30 years of experience in the South Florida real estate market. They are well known for giving clients the resources they need to boost their portfolios, thanks to their global network.
The Related Group has been one of the leading residential real estate development companies for over four decades. This company’s developments have helped to reinvent skylines around the world and cultivate new, vibrant communities and landmarks.
A Reputation That Spans Decades
Although we were only founded in 2017, our expert loan officers and leadership team have decades of experience shared between them in real estate development, sales, and financing.
More importantly, our reputation means that every client can expect Vaster to work hard for them, even when other lenders might fall short. Vaster can help provide the financing you need for your investment opportunities quickly — even in a matter of days and even for amounts totaling several millions of dollars.
Smarter Investment Technology
Lastly, Vaster leverages modern and intuitive technology through our proprietary platform. This lending platform lightens the workload for you and our loan officers and allows you to move quickly when deals come down to the wire.
Premier Private Lender in South Florida
Vaster is committed to providing each of our clients with the same level of speed and service as we offered in the Belle Meade deal. This deal shows how you can rely on us for all of your residential and commercial real estate investment needs and financing when purchasing plots of land.
Want to know more? Contact one of our loan officers today and see how Vaster can help you meet your investment goals.
Sources:
Good Faith Money Definition | Investopedia
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