Borrower requested a $56,000 loan, pledging a cash flowing single family rental property in Lakeland, Florida as collateral. The property is being purchased for $79,900 and is tenant occupied renting at $500/month until February 2022. Once the current tenant’s lease expires, the borrower plans to complete a $35,000 remodel and re-rent at a higher rate. Exit strategy is for either a refinance or sale of the property, yet to be determined.
Collateral:
Type: Refinance
Description:
This is a $540,000 new construction loan request from a returning DKC Lending borrower. Once finished, the property will feature four bedrooms, four bathrooms, a three-car garage, a boat dock, a boat lift, and 2,404 square feet of living space. The borrower primary exit strategy for this loan is to sell the property.
- Loan Amount: $540,000
- Date: April 2025
