Borrower requested a $185,000 loan to purchase a commercial office property in Saint Petersburg, Florida. The property features 1,606 sq/ft of office space. The borrower plans to lease the property for an annual rental after the renovation and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025