Borrower requested a $133,000 fix and flip loan to purchase a $190,000 single-family property in Tampa, Florida. Borrower is completing a $25,000 remodel with their own capital before aiming to sell for a profit. Renovations will be cosmetic, as the 4 points (Roof/AC/Electrical/Plumbing) are to be in good condition.
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