Borrower requested a $265,000 loan to purchase and remodel a triplex in Mulberry Florida, while additionally pledging a cash flowing single family rental property in Lakeland, Florida as collateral for the loan. The Triplex is being purchased for $190,000 and has a $50,000 remodel planned. The cash flowing lakeland property is rented for $2,500/month.
Collateral:
Type: New Construction
Description:
Borrower requested a $165,000 new construction refinance for a single-family home located in Lake Wales, FL. The property is designed as a three-bedroom, two-bathroom home with a two-car garage, totaling 1,333 square feet. The borrower’s exit strategy is to refinance into a DSCR loan once the property reaches certificate of occupancy.
- Loan Amount: $165,000
- Date: May 2025