Borrower requested a $300,000 loan to refinance a condo in Clearwater, Florida. The property features 2 beds and 2 baths at 1,260 sq/ft and was built in 1974. The property is currently rented out on an annual basis, but will soon be converted to a short-term rental.
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