Borrower requested a $109,000 loan to purchase a single-family property in Tampa Florida. The borrower paid $149,000 and has a $20,000 construction budgets planned primarily cosmetic. The borrower will be performing the majority of the work himself. Borrower plans to lease the property for as an annual rental 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