Borrower requested a $285,000 loan to purchase a commercial property in Fort Myers, Florida while simultaneously pledging a second free and clear SFR rental property in Cape Coral, Florida as collateral for the loan. The property features 1,258 sq/ft, on a corner lot, with 6 parking spaces. The property located on 5th Place features 3 beds, 2 baths at 1,165 sq/ft on a 0.27 acre lot, and is currently rented on an annual lease. The borrower plans to refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
Borrower is secured by four properties: a luxury condominium in Miami, FL; a single-family home in Roswell, GA; and two properties in Greenwood, SC—a commercial building and a single-family home. The borrower intends to refinance the loan using a DSCR (Debt Service Coverage Ratio) product.
- Loan Amount: $1,050,000
- Date: November 2024