Address: Lake Worth, FL 33467
ARV: $245,000 (As-is)
Loan Amount: $130,000.00
Loan Structure: 36 Months Interest Only
Interest Rate: 12%
LTV 53%
Borrower Profile: Experienced Investor
Work Description: Remodel / Build
Loan Purpose: Cash Out
November 22, 2024
This borrower purchased investment property 10 years ago using a seller-financed loan. The loan note became due this year, and she decided she would like to build. She needed additional funds to complete the project. She plans to refinance within the next six months. We offered her a loan of $130,000, which provided the capital needed to complete the project and pay off the seller. This loan is at a 12% interest-only rate over the next three years, with a 6-month prepayment penalty. The loan was funded in November 2024.
