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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/31/2023
Property Type
Property City
Sanibel
Property State
FL
Loan Term (months)
13
Lien Type
1st Mortgage
Payment Type
Interest Only
After-Repair Value
$900,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Heavy Rehab
Location Type
Vacation Area
Deal Summary
An experienced flipper acquired a 3- bedroom, 2-bathroom Sanibel Island home damaged by Hurricane Ian in 2022. He wanted to flip the property to bring it back onto the market, and looked for a lender partner with flexible loan offerings and dependable processes. He chose Lima One because we were easy to work with.
Lima One closed the deal, helping the borrower when their preferred insurance company was unable to bind a policy at a last minute because of the widespread damage caused by the hurricane in the area. Lima One recommended another insurance company we work with often, solving the obstacle and getting the loan to the closing table.
As a result, the borrower closed a $630K loan with no interest on undrawn construction funds, with a 13-month term to complete the flip just two blocks from the beach and help the Sanibel community rebound from the devastation of Hurricane Ian.
Funded By
Lima One Capital
The Nation's Premier Lender for Real Estate Investors