Borrower requested a $60,000 loan to purchase a single-family, fix and flip property in Daytona Beach, Florida. The borrower paid $85,000 for the property and has a full remodel planned with a construction budget of $40,000, including a new roof, ac, and full cosmetics. The property currently features 1 bed and 1 bath at 704 sq/ft and has an estimated ARV of $170,000-$180,000 after adding a second bedroom.
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