Overview
Key Largo Resort Land Loan
Crowdlender is offering accredited investors membership interests in Key Largo CL Investors, LLC, which will make a $3.5 million first-lien, interest-only land loan to Key Largo Resort, LLC.
The loan refinances a past-maturity first lien held by Builder's Capital on the ~45.87-acre Key Largo Resort site and five finished lots on Bluewater Highway between Surfside Beach and Galveston, Texas. It carries a 14.50% fixed rate, paid monthly from a ~$554,750 interest reserve funded at closing, plus a 2% origination fee paid to the SPV.
CBRE valued the land at $5.91 million and the full 18-lot project at $9.49 million as is (June 2025), putting the loan at roughly 51% of collateral value. The sponsor plans to repay from Phase I construction financing for infrastructure and the first 32 condominiums. The borrower signed the term sheet on November 3, 2026.
Community Areas
Details
For more information, view the Sponsor's Investment Memorandum below.
Premise
Refinance a past-maturity first lien
Builder's Capital no longer funds infrastructure loans. This loan pays it off and gives the sponsor 12–18 months to arrange Phase I construction financing.
Low leverage on hard collateral
$3.5M against ~$6.9M of CBRE as-is value on the land and five lots (~51% LTV); the full 18-lot project appraised at $9.49M.
Prepaid income
About 13 months of interest (~$554,750) is reserved at closing, covering the full initial term before any reliance on the borrower's cash.
Use of Proceeds
Per the term sheet. Final terms are governed by the definitive documents.
Essentials
Structure
Key Largo CL Investors, LLC (Delaware), managed by Crowdlender AI, LLC. Investors are passive members.
Fees
Investors receive the 14.5% coupon, less a 1.0% annual management fee and 10% carried interest above an 8% preferred return (no catch-up). Origination and extension fees go to the SPV.
Escrow
Funds are held in North Capital escrow and released only at loan closing through a Texas title company.
Minimum
$100,000 (Manager may accept lesser amounts at its discretion).
Why Participate?
Downside protection
First lien at ~51% LTV, full recourse, two personal guarantors and a $750K liquidity covenant.
Short duration
12-month term with the interest reserve prefunded; minimum six months of interest earned on funding.
Controlled cash-out
The sponsor's $150K cost reimbursement stays in a Lender-controlled holdback until diligence clears.
Offering Docs
The core offering documents for this investment, prepared and delivered by the Sponsor.
Data Room
Full diligence file — appraisals, financials, and supporting materials, organized by folder. Available to accredited investors.
Deal Highlights
- 14.50% fixed, paid monthly — interest reserve covers the full 12-month term.
- First lien at ~51% LTV — on CBRE as-is value of the land and five lots.
- Full recourse + two personal guarantors — with a $750K liquidity covenant.
- Controlled cash-out — the sponsor's $150K reimbursement is held back until diligence clears.
- Short duration — 12 months, one 6-month extension; 6 months' minimum interest.
Management
Key Largo Resort, LLC
Key Largo Resort, LLC is led by Charles "Scott" Bertolini, CEO of Bedrock Building Group, with 30+ years in construction, 100+ property redevelopments and 200+ multifamily and hospitality unit renovations. He has built six ground-up coastal homes in Freeport, Texas (~$4.89M cost basis). Co-guarantor William C. Comee is Chairman of the Board for Charter Trading Corporation. The sponsor acquired the site in June 2022 for $5.5M and reports ~$951K of project spend since.
Management Team
- 30+ years as a general contractor and developer; has led Bedrock since 1984
- Development team track record includes a 137-key ground-up Wyndham hotel (College Station), the 350-lot Heritage Park West community (Katy) and the Broadway Retail Center (Pearland)
- Built six ground-up coastal homes in Freeport, Texas
- Personal payment guarantor
*Track record is sponsor-reported and not independently verified.*
William C. Comee is Chairman of the Board for Charter Trading Corporation, a Top Secret cleared technology company that provides communication and IT services to the U.S. government and commercial companies in overseas locations. Charter supports the U.S. government in Latin America, the Middle East and Africa and represents Alternative Ballistics, a non-lethal use of force option for law enforcement in life threatening situations. Formerly a staff member of the Department of Defense National Security Council, Mr. Comee has commanded and supervised military operational activities and strategic planning in Central America, Latin America, and the Middle East, and holds a top secret security clearance.
Personal payment guarantor.
Financials
For more information, view the Sponsor's Investment Memorandum.
Capital Stack
Sources of Funds
| Crowdlender first-lien loan | $3.50M |
| Total | $3.50M |
Uses of Funds
| Payoff existing first lien | $2.64M |
| Interest reserve (~13 months) | $555K |
| Cost-reimbursement holdback | $150K |
| Origination fee (to SPV) | $70K |
| Broker fee (borrower) | $70K |
| Closing costs (est.) | $12K |
| Total | $3.50M |
Debt Assumptions
Key Largo Resort First-Lien Land Loan
- Lender: Key Largo CL Investors, LLC
- Loan amount: $3,500,000
- Rate: 14.50% fixed, interest-only
- Term: 12 months + 6-month extension
- Collateral: ~45.87 acres + Block 3, Lots 5–9
- Interest reserve: ~$554,750
- Prepayment: Permitted on 15 days' notice; 6 months' minimum interest
- Partial releases: Greater of 100% of net proceeds or 125% of allocated loan