Borrower requested a $1,650,000 loan to purchase a property located at Danube Ave, Tampa, FL, on Davis Island. The borrower additionally pledged 2 other free and clear assets to the loan, and intends to build new construction townhomes on the Davis Island property. The borrower plans to sell the new construction townhomes after completion as an exit from 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
