Address: Fort Myers, FL 33931
ARV: $3,000,000 (As-is)
Loan Amount: $1,550,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
LTV 50%
Borrower Profile: Experienced Investor
Loan Purpose: Cash Out
January 16, 2025
The borrower owned a lovely beachfront property outright and was looking to cash out to cover some business expenses. We were excited to collaborate with him on the term sheet and reach an agreement on the terms. However, when we initiated the title and lien search, we found out that he had recently filed for bankruptcy concerning a loan on equipment tied to a business he had just sold. This meant we needed to hold on until he received a discharge from the bankruptcy before we could move forward with closing. After patiently waiting for about three months for the judge to approve both our loan and the bankruptcy discharge, we were absolutely delighted to finally close the deal!
