Fisher Island property, Miami Beach FL

We just closed a $8.5M one year bridge loan paying 12.75% in Miami Beach (On Fisher
Island). The property is a condominium of 4000 sqf was appraised at $15.5M and we were able
to get 6 month of interest prepaid. By this mechanism, our last dollar is 51% of LTV on this
deal. The borrower is a foreign national looking to cash out from the property, as banks are
tightening their credit box. There is currently a $90M penthouse being developed on this island,
one of the richest zip codes in the country.