Address: Southwest Ranches, FL 33332
ARV: $1,000,000 (As-is)
Loan Amount: $500,000.00
Loan Structure: 12 Months Interest Only
Interest Rate: 13%
LTV 50%
Loan Purpose: Cash Out Refinance
A local broker we’ve collaborated with before recently contacted us. It turns out a long-standing client of theirs is looking for extra capital to help grow his business. This borrower bought the 5-acre property over two decades ago. We looked up the assessed value on the appraiser’s website, which was listed at $950,000. Based on that, we estimated the value to be around $1,000,00 for the five-acre vacant lot. This lot is primarily used for storing work vehicles and equipment from local projects. The only items we requested from the borrower were the lending entity and proof of required liability insurance for the property. We closed this loan in five days from start to finish.
