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:
This is a $100,000 refinance loan request secured by a single-family property located in Odessa, FL. The subject property, built in 2023, features 4 bedrooms, 3.5 bathrooms, and 3,038 square feet of living space. The exit strategy is the sale of the property
- Loan Amount: $100,000
- Date: April 2026
