Borrower requested a $225,000 loan to purchase a single-family property in Saint Petersburg, Florida. The property features 2 beds and 1 bath at 1212 sq/ft. The second collateral features 3 beds and 2 baths at 1,072 sq/ft. The borrower plans to lease the property as an annual rental after the renovation 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