I have a client that is looking for a hard money loan to buy and renovate a beach condo in Panama City Beach, Florida. The condo is a bank foreclosure in a small 10 unit building right on the beach. It is a two bedroom, two bath unit with 1000 square feet. It is an end unit on the lower level and opens right onto the beach. The purchase price is $167,000 and cost to renovate is $15,000. The after repaired value is approximately $300,000. Client is looking to borrow $165,000 and will use his own funds to renovate the property. Can provide additional collateral with tax value of $80,000.
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Call Sam Thomas at Paramount Financial Partners (515) 554-5541
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