Borrower requested a $408,000 loan to refinance a commercial laundry mat in Tampa, Florida. The borrower purchased the property in 2019 for $370,000 and spent $75,000 on building improvements and $150,000 on laundry machines. The property is now a fully operational laundry mat cash flowing and profitable each month. The borrower is an experienced, repeat investor with an extensive rental portfolio and has operated and sold multiple businesses in the automotive industry.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025