Address: Miami Shores, FL 33138
ARV: $2,000,000 (As-is)
Loan Amount: $500,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 25%
Borrower Profile: Experienced Investor
Work Description: Remodel
Loan Purpose: Cash Out
August 30, 2020
9/28/2021 as an investment property. He needed additional time to renovate the property and had taken out a 12-month mortgage, with the note coming due on 9/1/2024. We assisted him by refinancing the mortgage, providing a 12-month term extension, and offering the additional funds required to complete the renovations. The loan amount was $500,000, resulting in a 25% loan-to-value ratio. The loan term was 12 months with an interest-only interest rate of 12%, and there was no pre-payment penalty. The loan was funded in August of 2024.
