Borrower requested a $1,300,000 loan to purchase 2 beach front condos in Sarasota, Florida, while additionally pledging a 3rd free and clear beach condo that is already owned. The borrower paid $785,000 for each condominium unit, both are turn key & move in ready. Borrower plans to lease the property for short term beach rentals (1 week minimum lease term per HOA) and refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
Borrower requested a $130,000 loan to refinance a single-family property in Clearwater, Florida. The property features 3 beds and 2 baths at 1,858 sq/ft. The borrower has the property listed for sale and will sell the property as an exit to the loan.
- Loan Amount: $130,000
- Date: April 2024
