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: New Construction
Description:
This is a $380,000 new construction loan request for a single-family property located in St. Augustine, FL. The home will feature 3 bedrooms, 2.5 bathrooms, and an office that can serve as an additional bedroom, with a total of 2,256 square feet of living space. The borrower will refinance the subject property if the builds and the sales take longer than anticipated.
- Loan Amount: $380,000
- Date: December 2024
