Borrower requested a $175,000 loan to refinance a single-family property in Tampa, Florida. The property features 3 beds and 1 bath at 1,024 sq/ft, and the borrower has construction plans to add square footage and increase the bed/bath count to a 4/3. The borrower plans to list the property for sale after the renovation and refinance 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