Borrower requested a $255,000 loan to purchase a fully occupied triplex in Clearwater, Florida. The borrower paid $425,000 for the property and has no construction budget planned, as the property has been remodeled, including a remodel permit, new roof and AC. The property currently rents for a combined $3,100 / month in rental income. The borrower plans to continue leasing the property as an annual rental and refinance as an exit to the loan. A recent appraisal is available at a $425,000 value.
Collateral:
Type: Fix & Flip
Description:
Borrower requested a $142,000 loan to purchase a single-family property in Weeki Wachee, Florida. The property features 3 beds and 2 baths at 1,516 sq/ft sitting on a 8,800 sq/ft lot. Borrower plans to list the property for sale after the renovation as an exit to the loan.
- Loan Amount: $142,000
- Date: May 2023
