Borrower requested a $100,000 loan to purchase a condominium in Tampa, Florida. The borrower is paying $175,000 for the property, which was recently renovated and is rent-ready. The property features 2 beds and 2.5 baths at 1,138 sq/ft. Borrower plans to lease the property as an annual rental 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