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Milledge Heights in Miami, FL

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A prime 10,875 sqft lot in the exclusive residential area of Milledge Heights in Miami, Florida. Located on NE 10th Avenue with Biscayne Blvd to the West, NE 96th St. to the North, the Intracoastal Waterway on the East and NE 71st to the South. The property is located within minutes of the Miami Design District offering shopping, dining, and cultural experiences. 

Annual Interest Login for details
Term Remaining Matured
Payment Monthly
Offering Size $1,900,000

Milledge Heights in Miami, FL Details

Structure

Tax Document
1099-INT
Offering Structure
BPDN
x

SENIOR BPDN - PROMISSORY NOTE SECURED BY COLLATERAL SECURITY AGREEMENT

THIS PROMISSORY NOTE IS SECURED BY THE ISSUER'S PLEDGE OF THE RELEVANT UNDERLYING COLLATERAL LOAN (AS DEFINED BELOW) TO THE LENDER (AS DEFINED BELOW) UNDER THE COLLATERAL SECURITY AGREEMENT AND PROMISSORY NOTE. HOWEVER, EXCEPT TO THE LIMITED EXTENT PROVIDED IN THE PROMISSORY NOTE WITH RESPECT TO THE UNDERLYING COLLATERAL LOAN, THIS NOTE IS NON-RECOURSE TO THE ASSETS, FUNDS AND ACCOUNTS OF YIELDI, LLC (THE "BORROWER", "COMPANY" OR "ISSUER") OR ANY OF ITS AFFILIATES, EMPLOYEES, AGENTS, STOCKHOLDERS, PARENTS, OR SUBSIDIARIES EXCEPT TO THE EXTENT OF THE VALUE OF COLLATERAL LOAN NET PAYMENTS ACTUALLY RECEIVED IN RESPECT OF THE UNDERLYING BORROWER LOAN.

Example Return on Investment

Investment Amount:

Annual ROI:

$0

Why We Like This Opportunity

Property Highlights

Milledge Heights in Miami, FL Highlights

A prime 10,875 sq. ft. lot in the exclusive residential area of Milledge Heights in Miami, Florida. Located on NE 10th Avenue with Biscayne Blvd to the West, NE 96th St. to the North, the Intracoastal Waterway on the East and NE 71st to the South.  The property is located within minutes of the Miami Design District offering shopping, dining, and cultural experiences.  All permits are in place to begin construction of a 3,429 sq. ft. contemporanean, single-family residence.  Specifications include 4 bedrooms, 5 and one-half bathrooms, first and second floor terraces, and an in-ground pool with an open pool deck.  Upon full funding of this construction project, our loan is at 50% of the appraised value.

About the Neighborhood

The City of Miami is a coastal metropolis and the seat of Miami-Dade County in South Florida.  It is the second most populous city in the state and the core of the Miami metropolitan area which is the third-largest metro in the Southeast and the ninth-largest metro in the U.S.  The city has the third-largest skyline in the U.S. with over 300 high-rises.  Miami is a major center and leader in finance, commerce, culture, arts, and international trade.  Downtown Miami has one of the largest concentrations of international banks in the U.S. and is home to several large national and international companies.  Port Miami, the city’s seaport, is the busiest cruise port in the world in both passenger traffic and cruise lines.  Miami is the second-largest tourism hub for international visitors.

First Priority Mortgage Lien Position

Seniority

The first-priority mortgage lien position is the most senior and highest priority within the capital structure. In the event that a borrower defaults, the lien priority determines the order in which lenders are repaid. Senior lenders are always repaid first. All subordinated positions, including the amount held by the Originator and its investor syndicate, act as a buffer in the event of a deterioration in the Properties’ value.

Personal Guarantee

Personal Guarantee

The Loans are personally guaranteed by the borrower, spouse, and all principals in the LLC. Additionally, the Sponsor and/or Guarantor are obligated to contribute monthly payments to maintain a tax and insurance reserve. Failure to adhere to reserve contribution requirements would lead to the triggering of a debt service and operating expense/shortfall guarantee.

Upfront Reserve

Upfront Reserve

The Loan is structured with interest reserve for further protection.  12 months of debt service payments will be collected at closing.

What Should I Consider When Investing in Milledge Heights in Miami, FL?

Borrower Risk

The Borrower may not have represented itself accurately.

Risk Mitigation

  • The Originator checks the Borrower's credit history via a third-party credit reporting company.  The Borrower has a 700 credit score.
  • The Originator considers the underlying asset to be the primary source of security.
  • If the Loans are not fully repaid after the Lender has exhausted other sources of repayment, the Borrower has provided a personal guaranty to fulfill any deficiency.

Default Risk

The Borrower may default on his financial obligations.

Risk Mitigation

  • If the Loans are not fully repaid after the Lender has exhausted other sources of repayment, the Sponsor has provided a personal guaranty to fulfill any deficiency.
  • In the event of a default, a direction letter signed at closing by the Borrower will be sent redirecting the Tenant to make rent payments into an account controlled by the Originator.

Investment Summary Of Milledge Heights in Miami, FL

Investors have an opportunity to invest in borrower payment dependent notes, the cash flow of which is dependent on the payment of interest and principal repayment on the Loans. Investors are scheduled to receive an annualized monthly interest payment of Login for details over the Loans' estimated remaining term of 12 Months. Principal is expected to be returned on or before maturity through a refinancing with a traditional bank loan. It is important to note that the Loans are eligible for prepayment, and principal may be repaid prior to the 12 Months estimated remaining term. If the Loans are paid off before maturity, investors are expected to receive at least three months of interest payments in addition to return of principal.

How Do I Get Paid?

This loan had an initial term of 12 Months with an option at Yieldi's discretion to extend. As of April 21, 2023 there are 12 Months remaining. Investors will immediately receive monthly interest payments at an annualized rate of Login for details on the principal balance over the life of the loan. If you invest in this loan in the middle of a month, you will receive a prorated interest payment for your investment for your first investment month and then full monthly payments thereafter. All payments are made automatically via ACH on the 1st of each month and investors all paid by the 10th of the month.

Additional Resources

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How Brokers Can Build a Strong Connection with Their Hard Money Lenders

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