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:
The borrower requested a $130,000 new construction loan on a single-family property in Spring Hill, FL. The property features a modern layout with 4 bedrooms, 3.5 bathrooms, a 2-car garage, and 2,687 sq. ft. of living space. It is situated on an oversized 0.35-acre lot. The borrower plans to sell the completed property as an exit to the loan.
- Loan Amount: $130,000
- Date: November 2024
