Borrower requested a $440,000 loan to purchase a single-family property in Wesley Chapel Florida. The borrower paid $550,000 for the property and has a $337,000 construction budget planned to complete a stalled new construction project from the seller. Borrower is part owner of a construction company and will be performing the work himself using the previous owner’s plans.
Collateral:
Type: New Construction
Description:
This is a $200,000 new construction loan request for a single-family home located in Fort Myers, FL. Upon completion, the property will comprise two separate structures: the main residence, which features seven bedrooms and six bathrooms across 1,837 heated square feet, and a 550-square-foot studio suite, totaling 2,387 square feet of heated living area. Borrower exit strategy for this particular property is a long-term hold, with plans to refinance using a debt-service coverage ratio (DSCR) loan.
- Loan Amount: $200,000
- Date: June 2025