Address: Ft. Pierce, FL, 34950
ARV: $255,000 (As-is)
Loan Amount: $184,289.00
Loan Structure: 30 Year Fixed
Interest Rate: 8.21%
LTV 72%
Borrower Profile: Experienced Investor
Work Description: Update Property
Loan Purpose: Cash Out
July 13, 2024
We recently helped this investor obtain a 30 year fixed – “Rental Income Only” – DSCR loan on his duplex in Fort Pierce, FL. He needed to use the extra cash-out for business capital to start another project & with good credit, a 720 middle score. After helping him clear up his title issues that he had with the city of Ft Pierce, under a different LLC, by opening a new LLC. We facilitated a DSCR loan of $184,289, resulting in a 72% loan-to-value ratio w/ a Fully Amortized rate of 8.21% fixed for 30 years w/ a sliding scale pre-payment-penalty 5-4-3-2-1. If he pays off the loan in year 1, a 5% PPP fee applies. If he refinances or sells years 5, a 1% PPP fee is applied. Year 6, no more PPP, which works for this investor, as this is a long-term rental project of his. This loan was funded in July of 2024.
