Borrower requested a $440,000 loan to purchase a single-family property in Wesley Chapel Florida. The borrower paid $550,000 for the property and has a $337,000 construction budget planned to complete a stalled new construction project from the seller. Borrower is part owner of a construction company and will be performing the work himself using the previous owner’s plans.
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