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: 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
