Borrower requested a $408,000 loan to refinance a commercial laundry mat in Tampa, Florida. The borrower purchased the property in 2019 for $370,000 and spent $75,000 on building improvements and $150,000 on laundry machines. The property is now a fully operational laundry mat cash flowing and profitable each month. The borrower is an experienced, repeat investor with an extensive rental portfolio and has operated and sold multiple businesses in the automotive industry.
Collateral:
Type: New Construction
Description:
Borrower requested a $165,000 loan to refinance a new construction single-family property in Fort Lauderdale, Florida. The property will feature 3 beds and 2 baths at 1,490 sq/ft with a 430 sq/ft two-car garage. The borrower plans to sell the property as an exit to the loan.
- Loan Amount: $165,000
- Date: April 2024
