Cash Out Refinance- $1.35 Million

We recently closed this deal for one of our repeat borrowers.  The property, located in the upscale area of Miami Shores, FL, was purchased in early 2022 for $1.1 million.  The borrower did some light cosmetic renovations, increasing the property’s value to over $1.8 million.  The borrower then leased out the property for close to $8,000/ month.  The significant cashflow of this property allowed the borrower to take a large cash-out from the refinance.  The borrower will be using cash-out proceeds for another real estate investment.

“This a classic example of a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) for us.  This borrower was able to purchase a property at a below market price, do some light upgrade and significantly increase the value of the property.  The borrower is now off to his next investment.  We love deals like this!” – John Femenia.

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