Borrower requested a $180,000 loan, to purchase a commercial property in South Tampa, Florida. The borrower paid $420,000 for the property and sold another double lot in south tampa for $255,000 simultaneously and used proceeds from the other sale as a down payment. Borrower plans to use the property for his business equipment and refinance to long term debt as an exit to the loan.
Collateral:
Type: Refinance
Description:
This is a $400,000 refinance loan request for a quadplex in Treasure Island, FL, which the borrower owns free and clear. The property consists of four one-bedroom, one-bathroom units, each measuring 527 square feet, for a total living space of 2,108 square feet. Borrower plans to make monthly interest payments using the property’s cash flow and available reserves.
- Loan Amount: $400,000
- Date: March 2025
