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: 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
