Address: Vero Beach, FL 32967
ARV: $2,500,000
Loan Amount: $1,000,000
Loan Structure: 24 Months Interest Only
Interest Rate: 12%
LTV 40%
Borrower Profile: Experienced Investor
Work Description: Rehab
Loan Purpose: Additional $300K Cash-Out
May 09, 2024
We recently assisted a real estate investor in Vero Beach with a loan of $700,000. When he first approached us, he requested a $1 million loan, but we advised against it. We explained that we could provide $700,000 initially and if he still needed the additional $300,000 four months later, we would likely be able to accommodate his request. This approach was designed to save the borrower money if he still needed the additional funds later on. Recently, he returned to us and we not only provided the additional $300,000 he needed, but we also saved him $12,000 and extended his loan until April 2026. He is satisfied with the outcome. Exit Strategy: The borrower intends to fully pay off the loan before the 24-month term ends.
