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: Fix and Lease
Description:
This is a $5,350,000 loan request secured by two luxury single-family residences in Belleair, Florida; one commercial warehouse in Clearwater, Florida. The property is a luxury waterfront estate built in 2007 featuring 4 bedrooms, 6 bathrooms, a 3-car garage, and approximately 8,068 square feet of living area. The anticipated exit strategy for the loan includes the future sale of the borrower’s current primary residence.
- Loan Amount: $5,350,000
- Date: May 2026
