Borrower requested a $300,000 loan to refinance a single-family property in Ft Myers, Florida. The property was listed for sale for $865,000 before hurricane lan, since then the property experienced wind and flood damage in the storm and is in need of $200,000+ in remediation. The property features 4 beds and 3 baths at 2,846 sq/ft and was previously being operated as an Airbnb. Borrower plans to sell the property as an exit to the loan.
Collateral:
Type: Refinance
Description:
Borrower requested a $155,000 loan to refinance a single-family property in Tampa, Florida. The property features 2 beds and 1 bath at 1,108 sq/ft, and is tenant occupied. The borrower is using proceeds to complete a build at a different location and will sell the other investment property to exit the loan.
- Loan Amount: $155,000
- Date: July 2024