Borrower requested a $64,000 loan to refinance a single-family property in Tampa, Florida. The current estimated value of the property is around $275,000. The property is currently tenant-occupied, renting for $1,725/month. Borrower is an experienced investor with an extensive real estate rental portfolio and has operated and sold multiple businesses in the automotive industry.
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