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.
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.