Address: Maitland, FL 32751
ARV: $3,275,000 (As-is)
Loan Amount: $1,550,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
LTV: 46%
Borrower Profile: Business Owner
Loan Purpose: Rate & Term Refinance
June 27, 2024
The borrower has been constructing medical buildings in the Seminole County area for over forty years. This property is their most recent completed project. A local family office we work with chose not to fund the loan, so they gave us the opportunity to fund it. The property is owner-occupied and serves as the location of his main office. With construction recently finished, the note for their current mortgage also came due. Their original plan was to sell a different medical complex to pay off the lien for this complex. However, they ran out of time before they had a chance to sell the last medical complex they built. They reached out to us as they just needed a short-term bridge loan to buy them the time they needed to sell the other building. We provided them with $1,550,000 at 13% interest only for a 12-month term without hesitation. This loan was funded in June of 2024.
