Borrower requested a $275,000 loan to purchase a single-family property in Tampa, Florida. The Frierson property features 2 beds and 1 bath at 788 sq/ft and sits on a 5,824 sq/ft lot, and is currently rented as an annual lease. The Candlewood property features 2 beds and 1 bath at 972 sq/ft on a 7,476 sq/ft lot, and the borrower plans to complete a remodel and sell for profit as an exit to the loan.
Collateral:
Type: Refinance
Description:
The borrower has requested an $850,000 loan for a multifamily quadplex located in Tampa, Florida. The property consists of two detached buildings, offering three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit totaling 1,596 sq. ft. One building features unregistered living space due to the conversion of a 2-car garage into a laundry room and additional living area. The borrower plans to refinance as an exit from the loan.
- Loan Amount: $850,000
- Date: October 2024