Address: Clewiston, FL 33440
ARV: $146,400 (As-is)
Loan Amount: $50,000.00
Loan Structure: 24 Months Interest Only
Interest Rate: 12%
LTV 35%
Borrower Profile: Experienced Investor
Work Description: Upgrade Properties
Loan Purpose: Cash Out
April 30, 2024
We recently assisted a real estate investor in Clewiston, FL with a cash-out refinance. The borrower reached out to us to inquire about a cash-out refinance despite having bad credit. She had fallen ill and was struggling to keep up with her finances. She originally thought that her property was owned free and clear, but later found out that it had three associated liens. Since she had purchased the property through a certificate of title sale, she was responsible for clearing the liens. We helped her clear the liens, saving her over $50,000, excluding any interest from a 2013 lien. We offered her a $50,000 cash-out refinance loan without needing an appraisal due to the low loan-to-value ratio. We estimated the property’s value to be $146,400, resulting in a 35% loan-to-value ratio. The loan term is for 24 months with a 6-month pre-payment-penalty. The loan was funded in April 2024, and the funds will be used for light renovations and updating the property. The borrower plans to improve her credit with our expert credit professionals and then refinance with a DSCR loan in the next 12-24 months
