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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. #hardmoney #realtor #hardmoneyloans #rehabloans #hardmoneylender #bridgeloans #privatemoney #realtors #mortgage #mortgagebroker #hardmoneyloan #bridgeloan #homeloan #mortgages #cashoutrefi #mortgagelender #investmentbanking #mortgagebrokers #realestateinvestor #construction #cashoutrefinance #privatehardmoney