Borrower requested a $615,000 loan to purchase five villas in Springhill, Florida. The borrower is paying $590,000 for the package of properties and has a $50,000 construction budget planned total. Each villa features 2 beds and 2 baths at roughly 972 sq/ft. Additionally, the borrower is collateralizing two rental properties, owned free and clear. A manufactured mobile home remodelled and renting for around $1,200/month and a SFR remodelled and rented for $1,375/month. Borrower plans to lease the properties as annual rentals after the renovation and refinance 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