Borrower requested a $725,000 loan to purchase a single-family property in Fort Myers, Florida that sits on 7 cores. Additionally, the borrower is collateralizing a free and clear duplex also in Fort Myers. The single family, 7 Gore property was purchased for $700,000 and the borrower has a $43,000 construction budget planned. The property features 3 beds and 3 baths at 1,910 sq/ft. The 2nd place of collateral was purchased in 2014 and has since been fully remodeled, and is now tenant occupied ($330,000 estimated value).
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $650,000 loan to purchase a single-family property in Tarpon Springs, Florida. The property being purchased features 2 beds and 2 baths at 2,188 sq/ft with a pool. The borrower is cross collateralizing another property in pristine condition, featuring 4 beds and 5 baths in 3,849 sq/ft with a pool. The borrower will be selling the property as an exit from the loan.
- Loan Amount: $650,000
- Date: March 2025
