Borrower requested a $140,000 loan to refinance an inherited single-family property in Orlando, Florida. The borrower inherited the property and plans to make some minor cosmetic updates before leasing the property as a short-term rental. Borrower has experience in operating Airbnb’s, and the estimated as-is value is around $225,000 with an ARV of around $265,000. Borrower plans to refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
Borrower requested a $130,000 loan to refinance a single-family property in Clearwater, Florida. The property features 3 beds and 2 baths at 1,858 sq/ft. The borrower has the property listed for sale and will sell the property as an exit to the loan.
- Loan Amount: $130,000
- Date: April 2024