Borrower requested a $1,300,000 loan to purchase 2 beach front condos in Sarasota, Florida, while additionally pledging a 3rd free and clear beach condo that is already owned. The borrower paid $785,000 for each condominium unit, both are turn key & move in ready. Borrower plans to lease the property for short term beach rentals (1 week minimum lease term per HOA) and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $260,000 new construction loan request on a duplex located in Port Charlotte, FL, with an initial disbursement of $60,000 at closing. Upon completion, the property will consist of two units, each featuring 3 bedrooms, 2 bathrooms, 1,247 square feet of living space, and a 1-car garage. The borrower intends to refinance the property as the primary exit strategy.
- Loan Amount: $260,000
- Date: August 2025