Borrower requested a $2,200,000 loan to refinance a multi-family property in Largo, Florida. The property features 16 units with 3 beds and 1 bath at 976 sq/ft each and 1 unit with 1 bed 1 bath. The borrower plans to continue to lease the property as annual rentals after the renovation and refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
The borrower has requested a $168,000 loan to refinance a single-family property in Orlando, Florida, owned free and clear. This 950 sq. ft. property features 3 bedrooms, 1 bathroom, and a carport. The capital from this refinance will be used to purchase and rehabilitate another investment property, further expanding the borrower’s portfolio. The borrower plans to exit the loan through a DSCR refinance.
- Loan Amount: $168,000
- Date: October 2024
