Borrower requested a $175,000 loan to acquire a single-family property in Tampa, Florida. The property features 2 bedrooms and 1 bath at 800 sq/ft. The property has recently undergone a comprehensive renovation and is in excellent condition. The borrower plans to lease the property as an annual rental and plans to refinance as an exit to this loan.
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