Borrower requested a $300,000 loan to refinance a single-family property in Cape Coral, Florida. The borrower bought the land in 2020 and built a 3 bed and 3 bath, 1,931 sq/ft new construction home, on a 0.34 acre lot. Borrower plans to sell the property as an exit to the 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