The borrower seeks a loan of $750,000 to refinance and secure cash out for an additional property investment. The property, a recently renovated suburban multifamily comprising 7 units in Homestead, Florida, was purchased six months ago at $620,000 and holds a current value of $1,300,000. With existing liens of $434,000 and $179,000, the borrower intends to secure a DSCR/Long term rental loan for 30 years at a sought-after 2 DSCR. The property boasts strong financials, showcasing an NOI of $121,320 and an annual rental revenue of $139,620. Occupancy is full, presenting a sound investment opportunity. Additionally, the borrower maintains a healthy FICO score of 720, reflecting a solid credit profile.
