Address: Valrico, FL 33596
ARV: $516,000 (As-is)
Loan Amount: $160,000.00
Loan Structure: 24 Months Interest Only
Interest Rate: 12%
LTV 31%
Borrower Profile: Investor
Description: Note Expired
Loan Purpose: Rate & Term Refinance
March 05, 2024
This borrower resides in California and has owned an investment property in Valrico, FL for some time. Her current mortgage note was about to come due. Before finding us, she hired a credit repair company to help clean up her credit, as she had a late payment that needed to be reviewed and some maxed-out debt. She hired the company in advance, knowing that fixing these issues was necessary for her to be able to refinance. Unfortunately, the credit repair company gave her the runaround until just before her note came due, at which point she found us. We paid off her loan quickly, before the note was due, and provided her with a $160,000 loan amount. The loan has a 6-month prepayment penalty at a 12% interest-only rate over a 24-month term. Over the next 12-24 months, she plans to hire our credit restoration company to improve her credit and enable her to refinance into a DSCR loan, hopefully as soon as next year.
