Borrower requested a $147,000 loan to purchase a duplex property in Bradenton, Florida. The borrower paid $195,000 and has a $25,000 cosmetic construction budget planned. Borrower owns a construction company and plan to self fund and perform the renovation. The property features 2 units each with 1 bed and 1 bath at 784 sq/ft each. Borrower plans to rent the property post renovation and exit the loan with a long term debt refinance.
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