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.
Borrower requested a $150,000 loan to refinance a single-family property in St. Pete Beach, Florida. The borrower purchased the property in 2017 for $1,181,000. The property features 3 beds and 3 baths at 2,501 sq/ft. Borrower plans to sell the property in the next 3-6 months as an exit to the loan.