Cash-out refi on retail, Miami

Property & underwriting

Occupancy

Tenant occupied

Units

1

Lien position

Second lien

As-is value

$1,535,000

LTV (as-is)

58.6%

Purchase price

$1,320,000

After-repair value

$2,079,000

Loan-to-ARV

43.3%

Rehab budget

$119,000

Existing liens

$270,000

Exit strategy

Refinance into 30-yr DSCR

Borrower experience

First-time investor

Credit score range

600-649

Borrowing entity

S-Corp

Funding timeline

2-3 weeks

Additional collateral

Retail at Miami, FL

Use of funds

Cash-out for next acquisition

Deal summary

Cash-out for next acquisition on a retail in Miami, FL. Borrower is seeking $900,000 at up to 9.68% for 9 months. Refinance into 30-yr DSCR.