Borrower requested a $40,000 loan to purchase a single-family property in Tallahassee, Florida. The property features 3 beds and 2 baths at 940 sq/ft sitting on a 5,227 sq/ft lot. The borrower plans to list the property for sale after the renovation is complete as an exit to this 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