Address: Ocala, FL 34481
ARV: $1,500,000 (Appraised)
Loan Amount: $375,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 25%
Borrower Profile: Experienced Contractor
Work Description: New Projects
Loan Purpose: Cash Out
April 22, 2024
A local contractor in Ocala purchased a 10-acre property and recently built a new ranch-style home on it. The home was appraised for 1.5 million dollars and is currently listed for sale for 1.8 million dollars. The contractor has two other similar projects in the area that need funding, and as they ran short on capital, they decided to opt for a cash-out refinance on this property instead of collateralizing multiple properties. This way, they can keep the other two projects going until the property sells. The contractor had already obtained title prior to contacting the lender, making it easy and quick to secure a loan of $375,000 in just four days.
