The borrower requested a $1,200,000 loan to refinance a legal 11 unit multifamily property in Latana, Florida. The borrower was previously the tenant and ran a drug rehabilitation & wellness center. The borrower then purchased the property for $1,600,000 and is midway through a $400,000 renovation to increase the bed count of the facility.
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