Borrower requested a $255,000 loan to purchase a fully occupied triplex in Clearwater, Florida. The borrower paid $425,000 for the property and has no construction budget planned, as the property has been remodeled, including a remodel permit, new roof and AC. The property currently rents for a combined $3,100 / month in rental income. The borrower plans to continue leasing the property as an annual rental and refinance as an exit to the loan. A recent appraisal is available at a $425,000 value.
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