Borrower requested a $120,000 loan to purchase a single-family property in Lynn Haven, Florida. The borrower paid $170,000 for the property and has a $26,000 construction budget planned including a new HVAC system and full cosmetic updates. The property was damaged during the last hurricane and was abandoned by the developer. The borrower plans to sell the property for a profit after the renovation is complete, ARV between $280,000-$300,000.
Collateral:
Type: Refinance
Description:
Borrower requested a $150,000 loan to refinance a single-family property in Odessa, Florida. The property features 4 beds and 4 baths at 4,285 sq/ft. Borrower plans to use the proceeds of this loan to pay off debt and plans to list the property for sale as an exit to this loan.
- Loan Amount: $150,000
- Date: March 2024