Address: Manalapan, FL 33462
ARV: $5,500,000 (As-is)
Loan Amount: $2,500,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 46%
Borrower Profile: Experienced Investor
Loan Purpose: Cash Out
September 23, 2023
We recently provided a loan of $2,500,000 to help a business owner in Manalapan, Florida expand their new business venture. The loan was secured by a single-family home worth $5,500,000.00 owned free and clear of any mortgages. The property was in great condition, with four bedrooms and four bathrooms, spanning approximately 5,828 square feet and sitting on the intercoastal. We were referred to the client by a trusted local broker we had worked with before. After quickly verifying the property value on Zillow during our phone call with the broker, we approved the loan. The borrower plans to continue occupying the property and repay the loan over a 12-month term. This equity cash-out loan was funded in September 2023.
