Borrower requested a $258,000 loan to purchase a single-family property that includes an efficiency suite and two additional, adjoining vacant lots in Clearwater, Florida. The borrower paid $345,000 for the property and has a $75,000+ construction budget planned for the existing property, that features 2 beds and 2 baths at 1500 sq/ft. Borrower plans to remodel the existing home and efficiency, and to build two smaller new construction homes on the adjoining vacant lots with his own capital.
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