Borrower is a wholesaler and experienced investor and requested a $66,500 loan to purchase a single family home in Lakeland Florida. The borrower’s purchase price is $95,000 and they have plans for a cosmetic renovation before selling for a profit.
Collateral:
Type: Refinance
Description:
Borrower is secured by four properties: a luxury condominium in Miami, FL; a single-family home in Roswell, GA; and two properties in Greenwood, SC—a commercial building and a single-family home. The borrower intends to refinance the loan using a DSCR (Debt Service Coverage Ratio) product.
- Loan Amount: $1,050,000
- Date: November 2024