Address: Fort Lauderdale, FL 33308
ARV: $675,000 (As-is)
Loan Amount: $1,809,500.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
LTV 55%
Borrower Profile: Investor
Loan Purpose: Purchase
June 13, 2023
Our company recently provided financial support for the acquisition of an 8-unit hotel located in Lauderdale ByThe Sea, Florida. We lent the borrower $1,809,500, which covered 55% of the total purchase price of $3,290,000. The borrower contributed the remaining45% in cash at the time of closing. We were approached by a broker in the area who had previously been unable to secure funding from a nearby lender. They requested that we fund the loan within a short two-day timeframe, which we promptly agreed to due to the impressive loan-to-value ratio and our familiarity with the location. Fortunately, the title had already been completed, which made the loan document generation process straightforward. The property was in pristine condition, spanning approximately 4,016 square feet on a 0.28-acre lot. The borrower had good credit and plans to continue leasing the property while paying off the loan over the 12-month term.
