Sherwood Forest, El Portal · Comp Radarsame subdivision
I
The Position
A $1,400,000 1st-lien bridge note, originated September 2024, secured by a six-instrument package. Currently delinquent — disclosed in full below.
Executive Summary · Asset Profile
A South Florida waterfront asset — not just a lien.
Verified via public MLS record (MLS# A2014526): a restored 3 bed / 3 bath, 2,009 SF single-family residence on a waterfront lot, with a private pool, boat slip, and guest unit. The collateral has not changed hands since 2015 — this is the real estate behind the paper.
Waterfront Lot
3 Bed / 3 Bath
2,009 SF
0.25–0.30 Acre
Pool
Boat Slip
Guest Unit
Restored · Sold 2015
Unpaid Principal
$1,400,000
UPB · interest-only, no paydown
Tax-Assessed Value
$1,367,486
2025 municipal report · AVMs run higher, see Geo
Default Rate
24.00%
13% contract · 24% in effect now
Per Diem
$920.55
accruing daily at default rate
Senior 1st lien, six-instrument security package · UPB runs 71%–102% of value depending on basis (tax-assessed vs. AVM/market — see Geospatial) · matures Oct 1, 2026 · $14,000 exit fee due at maturity. Payment delinquency since Nov 2025 — see Diligence.
II
Accrual Projection
$920.55 accrues every day at the default rate. Interest-only — none of it touches principal.
Senior Claim · Live Accrual
$1,400,000.00
Anchored to UPB at page load · $920.55 / day at the 24% default rate
93 days
Day 030d60d93d · Maturity365d
Projected Balance
—
Added Accrual
—
Balance vs. Value
—
Simple-interest model, $920.55/day on $1,400,000 UPB at the 24% default rate, from the June 30, 2026 bid deadline. Balloon maturity falls at day 93 (Oct 1, 2026) — the $14,000 exit fee is due on top of the balance shown. Illustrative — excludes advances and costs; subject to a certified payoff.
III
The Capital Stack
Six instruments, one closing date. Real property, personal property, and the entity itself.
Instruments
6
recorded & executed same closing
Closing Date
Sep 9, 2024
Miami-Dade County recording
LLC Pledged
100%
membership interests, all of it
Personal Recourse
Full
two individual guarantors
01
1st Position Recorded Mortgage
Senior lien on the real property itself. Book 34398, Page 3384, Miami-Dade County — secures $1,400,000 plus interest, costs, and advances, with a future-advances clause up to $2,100,000.
Recorded 09/09/2024 · 10:24 AM02
Recorded UCC-1 Financing Statement
Filed same day. Covers all fixtures, equipment, and personal property; rents, accounts, contracts, and insurance proceeds; and — critically — the LLC membership interests themselves.
Same-day recording03
Pledge & Security Agreement
Borrower pledges 100% of the membership interests in the owning LLC as additional collateral — on top of, not instead of, the real property.
100% of LLC pledged04
Irrevocable Proxy Agreement
On default, the lender receives full voting control of the LLC directly — a path to control that runs independently of, and faster than, a judicial foreclosure.
Enforcement path · no court required05
Assignment of Membership Interests
A signed, notarized transfer of LLC ownership, executed at closing and held ready — exercisable on default without further action from the borrower.
Pre-executed at closing06
Personal Guaranty
Two individual guarantors, full recourse, joint and several — behind the entity, behind the real estate. Identities withheld in this memorandum; confirmed in the data room.
Full recourse · joint & severalThis is the structure the source file itself calls "a fully secured commercial loan with layered collateral, providing multiple enforcement paths." Foreclosure is one path among several — not the only one.
IV
Geospatial Intelligence
244 NE 85th Street, mapped against closed sales in the same Sherwood Forest subdivision. The subject's own legal description, not a borrowed comp set.
Subject Collateral
244 NE 85th Street
Public MLS history (MLS# A2014526) confirms a 3bd/3ba, 2,009 SF restored waterfront home — pool, boat slip, guest unit, oversized lot. Last sold $700,000 in Jun 2015. Lots 15 & 16, Block 8, Sherwood Forest (Plat Book 14, Pg. 30).
In-Subdivision Comps
2 closed sales · trailing 12 months
Both within the past year: 8640 NE 2nd Ave ($1.925M, Apr 2026) and 9001 NE 4th Ave ($1.6M, Jun 2025). Thin transaction volume — only two closed sales in the immediate area in twelve months.
Valuation Gap
$1.37M tax-assessed vs. $1.64M–$1.96M AVM
Florida assessment caps lag true market value on properties that haven't traded recently — this one hasn't since 2015. Recent comps support the higher end. Confirm with a current appraisal.
Asset · El Portal, FL
--:----
—
Comparable Sales · Trailing 12 MonthsMLS-sourced closed sales
| Address / Area | Configuration | Price | Closed |
|---|---|---|---|
| 8640 NE 2nd Ave | 3 bd / 3 ba · 1,950 SF | $1,925,000 | Apr 9, 2026 |
| 9001 NE 4th Ave | 6 bd / 3 ba · 3,230 SF | $1,600,000 | Jun 3, 2025 |
| 244 NE 85th Street | 3 bd / 3 ba · 2,009 SF | $1.37M tax / $1.64–1.96M AVM | UPB $1,400,000 |
Two valuation bases disagree, and the gap is explainable. The $1,367,486 figure is the county's 2025 tax-assessed value — Florida's assessment-growth caps lag true market value on properties that haven't traded recently, and this one last sold in 2015. Major AVMs (Redfin $1,958,905, Zillow $1,912,800, Realtor.com $1,642,000) and the near-identical 8640 NE 2nd Ave sale ($1.925M, Apr 2026) support the higher end. At $1.37M, UPB runs 102% of value; at $1.6M–$1.96M, UPB runs 71–88%. Confirm with a current appraisal before bidding.
V
Diligence & Data Room
One fact decides the timeline. Confirm it directly — not from the cover sheet.
Payment Status
File's Own Status Note
"Missed 1 Payment, Demand Letter Not Sent"
That note appears to date to shortly after the November 2025 due date. No foreclosure is filed — Legal Status reads "None."
Payment Schedule on File
~8 Months Delinquent, Not 1
Last payment received Oct 1, 2025; next due Nov 1, 2025 — unpaid since, per the dates on record. Confirm current arrears and demand-letter status directly with the servicer.
Data Room Manifest — 96 Pages, 14 Instrumentsavailable upon qualified bid
Balloon Promissory Note
Recorded 1st Mortgage
Recorded UCC-1 Financing Statement
Pledge & Security Agreement
Irrevocable Proxy Agreement
Assignment of Membership Interests
Personal Guaranty
Certificate of Corporate Resolution
LLC Resolution to Borrow
Borrower & Guarantor Affidavits
Non-Owner Occupancy Affidavit
Title Policy & Commitment
Municipal Lien Search / Property Report
Closing (HUD-1) Statement
Full file released upon qualified bid acceptance
The Position
Six-Instrument Senior Stack
Mortgage, UCC-1, 100% membership pledge, irrevocable proxy, assignment of LLC interests, and personal guaranty — all recorded or executed at the same September 2024 closing.
Primary Risk
Delinquent, Balloon Due Oct 2026
~8 months of missed payments per the dates on file, against a maturity just over three months out. Underwrite the demand-letter timeline, not the headline rate.
Recovery Edge
Control Without Foreclosure
The irrevocable proxy and pre-executed assignment offer a path to LLC control independent of judicial foreclosure — Florida is a judicial state, with real timeline risk on that path alone.
VI
The Bid Process
Three steps. One deadline. Full 96-page file opens upon qualified bid acceptance.
Bid Deadline
June 30, 2026
—Days
—Hrs
—Min
—Sec
Qualified bids accepted through end of business
01
Submit Qualified Bid
Submit a letter of intent with proposed purchase price and proof of funds through June 30, 2026 via the form below.
02
Bid Acceptance
Upon acceptance, the full 96-page collateral file opens — all six instruments, title policy, property report, and payment ledger.
03
Closing
Note purchase agreement executed. Senior position, UCC-1, membership pledge, proxy, and assignment all transfer to the acquiring party.
Indicative Bid · Qualified Recipients
Submit Your Bid
Complete the fields below. On submit, your secure email client opens a pre-addressed message to RCP with your indicative terms — review and send. No data is transmitted from this page.
Or contact the desk directly: Coreylfuller@rcpcap.com
RCP Capital Market Intelligence · Lux et Ordo
RCP Capital Market Intelligence · Lux et Ordo
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The Optic Anchor
Agnitionem construimus.
Capital does the rest.
Disclosed risk, priced cleanly, is the institutional thesis.
Strip the friction.
Stack the truth.
Move the capital.
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