Borrower requested a $52,000 loan to purchase a vacant land property in Saint Cloud, Florida. The property features a vacant lot with 0.42 acres. The property will feature a fourplex with 3 beds and 2 baths each. The borrower plans to refinance after the construction is completed 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