Address: Ft. Pierce, FL, 34950
ARV: $255,000 (As-is)
Loan Amount: $191,250.00
Loan Structure: 30 Year Fixed
Interest Rate: 7%
LTV 75%
Borrower Profile: Experienced Investor
Work Description: Update Property
Loan Purpose: Cash Out
August 15, 2024
We recently assisted an investor in obtaining a 30-year fixed “Rental Income Only” DSCR loan for their duplex in Fort Pierce, FL. The investor needed to utilize the extra cash-out from this property as business capital to purchase another property. We arranged a DSCR loan of $191,250, resulting in a 75% loan-to-value ratio, with a fully amortized rate of 7% fixed for 30 years and a sliding scale pre-payment penalty of 5-4-3-2-1. If the loan is paid off in year 1, a 5% PPP fee applies. If the investor refinances or sells in year 5, a 1% PPP fee is applied. There is no more PPP after year 6, which works for the investor, as this is a long-term rental project. The loan was funded in August of 2024.
