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: Fix and Lease
Description:
This financing opportunity involves a $2.5 million lending request structured as two interest-only mortgages with a 2-year term and 12% fixed interest. The transaction includes a commercial acquisition loan supported by multiple commercial real estate assets, along with a separate residential refinance, resulting in a conservative overall loan-to-value ratio backed by substantial collateral. The primary exit strategy is to refinance the commercial property.
- Loan Amount: $2,500,000
- Date: July 2026
