Waterfront 15K sqf home in Orlando, FL

We just closed a $6.6M 14% interest one year bridge loan on a waterfront 15000 sqf and 3.7
acres spec home in Orlando, FL. The borrower, a NBA player who made over $60M salary
over his career, built this home with an indoor basketball court. The home is currently for sale
and was appraised twice for over $15M. The borrower needed funds for his other real estate
investments while his house was being sold.
The house was twice appraised over $15M, which makes the loan a 41% Loan to Value
loan including the 6 months interest prepayment. We were able to receive a $432,000 check
at closing. This is the moment to deploy money at high interest rate and short maturities as the
interest rate should come down next year.
The house is located in the Windermere lake area where athletes like Tiger Woods, Vince
Carter or Shaquille O’neal enjoy owning properties. The house is currently in the market for
sale at $16.5M. Listing below.