Address: Redington Shores, FL 33708
ARV: $1,400,000 (As-is)
Loan Amount: $650,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
LTV 50%
Borrower Profile: Contractor
Loan Purpose: Refi
April 14, 2023
The borrower had originally secured funding from a local bank for the construction of their property, but the bank ultimately withdrew their offer. With the construction already midway through and the building completely dried in, the borrower reached out to us for assistance. Given their extensive experience in construction and building spanning over two decades, we were happy to provide our support. The construction is slated to be completed in just four months, with the estimated selling price expected to range between $1.2 million and $1.4 million based on recent sales in the surrounding area. In addition, the property comes with the added bonus of access to a private community beach park. The finished property is spread out over three floors, with the top two floors designated for residential use and the bottom floor serving as a garage. The rooftop terrace offers an unbeatable view of the beach. The total cost, which includes expenses such as architect and legal fees, material and labor costs, subcontractor fees, land costs, and more, comes to $390,122.84. The cost of the land itself is $211,000, with the completion of the construction expected to amount to $426,000. We are providing a total of three disbursements for this construction budget, with the first disbursement of $161,581 already disbursed at closing. The second disbursement of $203,800 has also been made, with the final disbursement of $59,150 to be provided shortly.
