Borrower requested a $285,000 loan to purchase a single-family property in Tampa, Florida. The borrower is paying $489,00 for the property. The property features 2 beds and 1.5 baths at 1,588 sq/ft on a 1.2 acre lot. Borrower plans to lease the property for an annual rental and refinance into a DSCR loan as an exit to the loan.
Collateral:
Type: Refinance
Description:
The borrower has requested a $168,000 loan to refinance a single-family property in Orlando, Florida, owned free and clear. This 950 sq. ft. property features 3 bedrooms, 1 bathroom, and a carport. The capital from this refinance will be used to purchase and rehabilitate another investment property, further expanding the borrower’s portfolio. The borrower plans to exit the loan through a DSCR refinance.
- Loan Amount: $168,000
- Date: October 2024
