The borrower requested a $85,000 loan to purchase a single-family property in Pensacola, Florida. The property features 3 beds and 2 baths at 1,417 sq/ft and is in need of a full renovation. The borrower plans to list the property for sale after the renovation and sell it 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