The borrower requested a $300,000 refinance on 2 properties in Tampa, FL. One property is tenant-occupied as an annual rental, and the other is a new construction property that is roughly 80% complete. Borrower plans to complete the build and lease the property and refinance as an exit to the loan.
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
