Address: Wellington, FL 33414
ARV: $2,000,000 (As-is)
Loan Amount: $400,000.00
Loan Structure: 24 Months Interest Only
Interest Rate: 12%
LTV 20%
Borrower Profile: Equestrian Investor
Work Description: Remodel
Loan Purpose: Cash Out
July 18, 2024
We recently assisted an equestrian investor renting a property for over 30 years. They are looking to retire and plan to renovate and sell the property. Although the property is owned outright, it is outdated, so they needed to borrow $400,000 for the renovations. The main concern was receiving the full amount upfront instead of in installments, as they are experienced in this type of project. They contacted us, and we offered them the full $400,000 upfront, with a 12-month term at a 12% Interest-only rate and a 6-month pre-payment penalty. There were no installment disbursements.
