Address: Naples, FL 34119
ARV: $1,212,000 (As-is)
Loan Amount: $660,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 55%
Borrower Profile: High-End Developer
Work Description: Rehab
Loan Purpose: Purchase
February 2024
A local investor had watched the neighboring property for over a decade. When he finally got the opportunity to purchase it, he realized that it required a complete renovation. Initially, he intended to apply for a traditional loan, but the property needed a new roof, and he was unable to get insurance for it. Without insurance, he couldn’t get approval for a traditional loan. The investor had a broker from California who helped him search for alternative financing options. In the meantime, he asked the seller if he could use his own funds to repair the roof, so he could apply for a traditional loan. However, the seller refused to allow an extension to the contract. Although the investor had enough capital to pay for the property himself in cash, he didn’t want to use all of his capital for this project. That’s where we came in – we provided him with the $660,000 he needed at an interest rate of 12%, interest-only for 12 months with a 6-month pre-payment penalty. The title and lien search was already completed, which allowed us to close the loan in just 4 days.
