DSCR rental refinance, retail in Miami

Property & underwriting

Occupancy

Owner occupied

Units

3

Lien position

First lien

As-is value

$327,000

LTV (as-is)

56.6%

Purchase price

$304,000

After-repair value

$411,000

Loan-to-ARV

45.0%

Rehab budget

$20,000

Exit strategy

Lease-up then refinance

Borrower experience

2-5 deals completed

Credit score range

600-649

Borrowing entity

Limited Partnership

Funding timeline

ASAP (7-10 days)

Additional collateral

Retail at Miami, FL

Use of funds

Construction draw facility

Deal summary

Acquisition + rehab on a retail in Miami, FL. Borrower is seeking $185,000 at up to 8.67% for 18 months. Refinance into 30-yr DSCR.