Borrower requested a $120,000 loan to purchase a single-family, fix and flip property in Hudson Florida. The borrower paid $187,500 for the property and had a $35,000 construction budget planned. ARV is estimated $250,000-$275,000. The borrower owns a construction management company and performs the construction with his own crew.
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