Borrower requested a $108,500 loan to purchase a $155,000, 2 bed 1 bath property in St, Petersburg Florida. The property is set to undergo a $15,000 cosmetic renovation before being rented out for long term housing. Borrower plans to exit the loan with a bank refinance, adding the property to his rental portfolio as it is in a desirable location.
Collateral:
Type: New Construction
Description:
Borrower requested a $165,000 loan to refinance a new construction single-family property in Fort Lauderdale, Florida. The property will feature 3 beds and 2 baths at 1,490 sq/ft with a 430 sq/ft two-car garage. The borrower plans to sell the property as an exit to the loan.
- Loan Amount: $165,000
- Date: April 2024
