Borrower requested a $112,000 loan to purchase a single family, fix and flip property in Hudson, Florida. The property was being purchased for $160,000 and the borrower has a $47,500 remodel planned including a new roof, full kitchen & bathroom remodel along with paint and flooring and more. Borrower plans to self perform and fund the remodel and then sell for a profit.
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