Borrower requested a $330,000 loan, to purchase a single family property in Tampa FL. The borrower payed $475,000 for the property and has plans to build two townhomes once the current lease in place expires in 06/01/22. Borrower is an experience builder, who has also recently performed multiple similar projects in the same area.
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