Borrower requested a $105,000 loan to refinance a single-family property in Eagle Lake, Florida to access equity to complete a renovation. The property features 3 beds and 1 bath at 796 sq/ft on a 5,53 sq/ft lot. After construction is complete, they plan to lease and refinance 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