Address: Winter Garden, FL 34787
ARV: $3,500,000 (Once Completed)
Loan Amount: $500,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
CLTV 23%
Borrower Profile: Experienced Investor
Work Description: Ground Up Build
Loan Purpose: Cash Out – Business Capital
October 3, 2024
One of our long-term borrowers in Winter Garden, FL was working on a new construction project but needed additional funds to complete it. He needed an extra $500,000 and provided a Scope of Work outlining the costs. His current first mortgage on the property is approximately $278,000 with a 7% interest rate. We approved him for the $500,000 he needed through a second mortgage at 13% interest only for a 12-month term while leaving the first mortgage unchanged. The total living area of the property is 9,271 sq ft with a total building area of 12,873 sq ft. Once completed, the home is expected to be worth around $3,500,000. The loan was funded in October 2024.
