Address: Tallahassee, FL 32309
ARV: $512,000 (As-is)
Loan Amount: $220,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 12%
LTV 43%
Borrower Profile: Experienced Investor
Work Description: Construction Project
Loan Purpose: Cash Out
February 05, 2024
We assisted an experienced investor by providing a $220,000 mortgage to help complete a new construction project on a home they purchased in Tallahassee, FL. At the time of approaching us, the project was about 80% completed, and the investor needed additional funds. We offered a mortgage with a loan-to-value ratio of 43% at a 12% Interest Only Rate over a 12-month term, with a 6-month pre-payment penalty.
