Borrower requested a $875,000 loan to purchase a warehouse in Jacksonville, Florida. The borrower paid $525,000 for the property while also pledging 4 additional single family properties and 1 large warehouse. Borrower plans to rehab the property and lease the property as an annual rental after the renovation and refinance as an exit to the loan.
Borrower requested a $150,000 loan to refinance a single-family property in St. Pete Beach, Florida. The borrower purchased the property in 2017 for $1,181,000. The property features 3 beds and 3 baths at 2,501 sq/ft. Borrower plans to sell the property in the next 3-6 months as an exit to the loan.