Address: Davie, FL 33331
ARV: $530,000 (As-is)
Loan Amount: $255,000.00
Loan Structure: 24 Months Interest Only
Interest Rate: 13%
LTV 49%
Borrower Profile: Experienced Investor
Work Description: Refinance
Loan Purpose: Foreclosure Bailout
June 28, 2024
We recently assisted a local business owner with refinancing a loan for their corner lot in Southwest Ranches, FL. The borrower originally acquired the lot from a local realtor. However, the realtor decided to call the Note early after selling several lots. Uncertain about his plans for the land, the borrower sought our assistance. The current note holder advised the borrower to refinance as soon as possible due to a gentleman’s agreement. Unbeknownst to the borrower, after missing the May payment, the loan was placed into foreclosure. We helped the borrower reduce the payoff amount and quickly facilitated a rate and term refinance with a loan amount of $255,000, resulting in a 49% loan-to-value ratio. Despite finding himself in a predicament, the experienced investor reached out to us in time. We provided $10,000 towards closing and foreclosure costs, and the borrower covered the rest at closing. This loan was funded in June of 2024.
