Borrower requested a $780,000 loan to purchase a multi-family property (5 units) in St. Pete Beach, Florida. The property features 5- one bedroom and one-bath units with a total of 2,526 sq/ft (2 structures). The borrower plans to list the property for nightly rentals and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $380,000 new construction loan request for a single-family property located in St. Augustine, FL. The home will feature 3 bedrooms, 2.5 bathrooms, and an office that can serve as an additional bedroom, with a total of 2,256 square feet of living space. The borrower will refinance the subject property if the builds and the sales take longer than anticipated.
- Loan Amount: $380,000
- Date: December 2024
