Borrower requested a $56,000 loan, pledging a cash flowing single family rental property in Lakeland, Florida as collateral. The property is being purchased for $79,900 and is tenant occupied renting at $500/month until February 2022. Once the current tenant’s lease expires, the borrower plans to complete a $35,000 remodel and re-rent at a higher rate. Exit strategy is for either a refinance or sale of the property, yet to be determined.
Collateral:
Type: Refinance
Description:
This is a $60,000 refinance loan request secured by a free-and-clear single-family home located in Lehigh Acres, Florida. The subject property is a 3-bedroom, 1-bathroom residence offering 920 square feet of living space. The primary exit strategy for the loan is repayment through cash flow from business and secondary option is to refinance into a DSCR loan if additional time is needed.
- Loan Amount: $60,000
- Date: October 2025
