Borrower requested a $2,200,000 loan to refinance a multi-family property in Largo, Florida. The property features 16 units with 3 beds and 1 bath at 976 sq/ft each and 1 unit with 1 bed 1 bath. The borrower plans to continue to lease the property as annual rentals after the renovation and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $200,000 new construction loan request for a single-family home located in Fort Myers, FL. Upon completion, the property will comprise two separate structures: the main residence, which features seven bedrooms and six bathrooms across 1,837 heated square feet, and a 550-square-foot studio suite, totaling 2,387 square feet of heated living area. Borrower exit strategy for this particular property is a long-term hold, with plans to refinance using a debt-service coverage ratio (DSCR) loan.
- Loan Amount: $200,000
- Date: June 2025