Address: Fort Lauderdale, FL 33308
ARV: $3,290,000 (As-is)
Loan Amount: $1,869,500.00
Loan Structure: 12 Months, Interest Only
Interest Rate: 13%
LTV 57%
Borrower Profile: Experienced Investor
Work Description: Loan Extension
Loan Purpose: Cash Out
May 30, 2024
Last June, we provided financing for an 8-unit, 18-room hotel in Ft. Lauderdale, FL. When they approached us last year, we provided financing for $1,800,000. After purchasing the property, they began renovations. During the process, the contractor stole $250,000. Initially, they planned to refinance after a year into a 30-year fixed mortgage. However, as their current loan’s maturity date approached, they requested a 12-month extension for another year. They reached out to us and explained that their original plan had failed, and they requested a new loan for twelve months. We assured them that it was not a problem and offered them a 12-month loan extension. Everything else remained the same, including the 13% Interest Only Rate and a 6-month Pre-payment penalty, except for the loan amount, which was increased to $1,869,500 to cover costs.
