Borrower requested a $60,000 loan to refinance a duplex property in Tampa, Florida. The borrower purchased the property in 2003 and currently has the property leased for a combined $1,925/ month as annual rentals. The property features 2 units, each with 1 bed and 1 bath at a combined 1,290 sq/ft with an exterior laundry room. The borrower plans to refinance as an exit from the loan.
Collateral:
Type: New Construction
Description:
This is a $255,000 new construction loan request for a duplex located in Lake Wales, FL. The proposed duplex will consist of two units, each featuring three bedrooms, two bathrooms, and approximately 1,005 square feet of living space, totaling six bedrooms, four bathrooms, and 2,010 square feet of combined living space. Borrower’s refinancing strategy is designed to manage debt and cash flow based on rental income.
- Loan Amount: $255,000
- Date: June 2025
