Address: Boca Raton FL 33487
ARV: $2,500,000 (As-is)
Loan Amount: $300,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 15%
CLTV 50%
Borrower Profile: Experienced Investor
Work Description: Rehab
Loan Purpose: Cash-out Fix and Flip
October 13, 2023
We assisted a rehab investor in finishing renovations on a property he had purchased in Boca Raton, FL. He had bought the investment property for $1 million on March 13th, 2023, putting a down payment of 20% and using most of his savings for the rehab project. However, halfway through the project, he ran out of funds needed to complete the renovation. He approached us for help when the renovations were about 50% completed. We agreed to provide him with the $150,000 he needed to get the project 95% complete. Once the renovations were done, we provided another $150,000, totaling $300,000, in the form of a second mortgage. This mortgage carries a 15% Interest Only Rate over a 12-month term, with a 6-month pre-payment penalty. The funding for this mortgage began in January 2024.
