Deal Status

Active

Property Address

100 23rd Ave St.Pete Beach Florida 33706-4167

Requested Loan Amount

$650,000

Loan to Value

50%

Loan Term

30 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Multifamily

Multifamily Property Types

Apartments

Number of Units

5

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

100

Loan Type

Refinance

Square Footage

3,000

Current Market Value

$1,300,000

Existing Mortgages

1st

Mortgage 1 Balance

$129,000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

The property is a 5 unit block multi-family in the highly desirable pass a grille beach, one block from the Gulf of Mexico, in the City of St.Pete Beach, FL. The property has been fully rented since the owner moved out 12yrs ago. The value of the property is easily $1,200,000 to $1,300,000. The owner of this property lives in Austin Tx. He inherited the property in 1981. The owner has great credit 700+, just spotty employment due to Covid. He owes approximately $140k and would like to cash out $600k to pay off the current mortgage, pay for the full remodel of the property, and pay off debt.

Have Appraisal

No

APN Parcel ID

18-32-16-88056-005-0080

Lot Size

0.13 acres

Will additional properties be collateralized?

No

Borrower Entity

Individual(s)

Borrower Credit Rating

Excellent

Comments

The property is a 5 unit block multi-family in the highly desirable pass a grille beach, one block from the Gulf of Mexico, in the City of St.Pete Beach, FL. The property has been fully rented since the owner moved out 12yrs ago. The value of the property is easily $1,200,000 to $1,300,000.
The owner of this property lives in Austin Tx. He inherited the property in 1981. The owner has great credit 700+, just spotty employment due to Covid. He owes approximately $140k and would like to cash out $600k to pay off the current mortgage, pay for the full remodel of the property, and pay off debt.

First Name

Stephen

Last Name

Sexauer

Phone Number

(727) 641-3644

Company

Sunshine City Loans LLC

Role

Mortgage Broker

Location

St.Petersburg Florida USA

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