Borrower requested a $243,000 loan to purchase a single-family property in Tampa, Florida. The borrower paid $305,000 for the property and has a $60,000 construction budget planned. DKC Lending will hold back $30,000 in a construction draw schedule. Borrower plans to Airbnb this property 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