Borrower requested a $255,000 loan to purchase a fully occupied triplex in Clearwater, Florida. The borrower paid $425,000 for the property and has no construction budget planned, as the property has been remodeled, including a remodel permit, new roof and AC. The property currently rents for a combined $3,100 / month in rental income. The borrower plans to continue leasing the property as an annual rental and refinance as an exit to the loan. A recent appraisal is available at a $425,000 value.
Collateral:
Type: Fix and Flip
Description:
This is a $305,000 acquisition (land) loan secured by a tear-down single- family property located in Clearwater Beach, Florida. The subject property sits on a 0.16-acre lot (7,083 square feet) in a flood zone. The primary exit strategy for this loan is to build and sell a new construciton property.
- Loan Amount: $305,000
- Date: January 2026
