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:
Borrower requested a $200,000 refinance loan secured by a single-family residence in Tampa, Florida. Built in 1980, the property features 3 bedrooms, 2 bathrooms, and 1,562 square feet of living space situated on a 0.19-acre lot. Upon completion of the renovations, the borrower intends to refinance into a long-term DSCR loan as the exit strategy.
- Loan Amount: $200,000
- Date: August 2026
