Borrower requested a $270,000 loan to purchase a commercial property in Lakeland, Florida. The borrower is purchasing the commercial property for $240,000 while pledging a second SFR property as additional collateral to the loan. The commercial property features 1,600 sq/ft with 1 bathroom sitting on .28 acres. The borrower plans to operate the commercial property and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $200,000 new construction loan request for a single-family home located in Fort Myers, FL. Upon completion, the property will comprise two separate structures: the main residence, which features seven bedrooms and six bathrooms across 1,837 heated square feet, and a 550-square-foot studio suite, totaling 2,387 square feet of heated living area. Borrower exit strategy for this particular property is a long-term hold, with plans to refinance using a debt-service coverage ratio (DSCR) loan.
- Loan Amount: $200,000
- Date: June 2025