Address: Kathleen, FL 33849
ARV: $2,400,000 (As-is)
Loan Amount: $750,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
LTV 32%
Borrower Profile: Business Owner
Work Description: Business Capital
Loan Purpose: Cash Out
June 27, 2024
These clients contacted us to carry out a cash-out refinance on their primary residence for business purposes. They have recently acquired a new business and needed an additional six months’ worth of capital to expand it. They provided us with an estimate of the amount they needed to borrow while waiting for current invoices to be paid in full. We offered them the $750,000 they needed immediately, with an interest-only rate of 13% and a 6-month prepayment penalty. Once they receive the expected invoices and regain their capital, they plan to refinance into a traditional loan within the next 12 months.
