Borrower requested a $265,000 loan to purchase and remodel a triplex in Mulberry Florida, while additionally pledging a cash flowing single family rental property in Lakeland, Florida as collateral for the loan. The Triplex is being purchased for $190,000 and has a $50,000 remodel planned. The cash flowing lakeland property is rented for $2,500/month.
Collateral:
Type: New Construction
Description:
This is a new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025