Address: Loxahatchee, FL 33470
ARV: $2,100,000 (As-is)
Loan Amount: $300,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 12%
Borrower Profile: Investor
Loan Purpose: Cash Out
August 1, 2023
A borrower requested a loan to finish renovating their home, which they have lived in for ten years. Their intention is tosell the property andmove to a more affordable residence in the Orlando area. We approved a loan of $300 and utilized a nearby parcel of land as collateral forsecurity purposes. The borrower’s primary home has a first mortgage of $500k and a second mortgage of $150k. To ensure additionalprotection, we cross-collateralized the primary house to ensure repayment after the sale
