Borrower requested a $300,000 loan to purchase a condo in Clearwater, Florida. The property features 2 beds and 2 baths at 1,260 sq/ft with a waterfront view and was built in 1974. The borrower plans to lease the property as a rental and refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
This is a $350,000 refinance loan request secured by two residential dwellings on a single 1.5-acre parcel in Kissimmee, FL. The main residence at Cahokia Ct is a single-family home with four bedrooms, three bathrooms, approximately 2,977 square feet of living space, and an in-ground pool. The second dwelling was newly constructed in 2024 on the same parcel. This structure includes three bedrooms, one bathroom, approximately 1,300 square feet of living space, and a one-car garage. The proposed exit strategy for this loan is to refinance the subject property into a DSCR loan.
- Loan Amount: $350,000
- Date: May 2025