SALE DATE: 07/30/2021
MARKET: Davis Island, Tampa
ASSET TYPE: Development Site, Double Lot
BUYER/BORROWER: Starkus Development LLC
BROKERS: Kevin Lee & Daven Henry
DEVELOPER: LuCapital Management & Legion Construction
SALE PRICE: $1,600,000
ARV: 3,000,000 ea.
Type: New Construction
Borrower has requested $125,000 to complete construction of a two-story, wood-frame duplex in Augusta, GA. Each unit of the duplex will offer 1,580 square feet of living space, with 794 square feet on the first floor and 786 square feet on the second. The borrower’s primary exit strategy is to sell the completed duplex.
Type: Fix and Flip
Borrower requested a $190,000 loan modification to purchase a single-family property in Milton, FL. The property features 4 bedrooms and 3 bathrooms at 1,877 square feet of living space on 1.03 acres. The borrower plans to sell both homes as an exit strategy.
Type: Fix and Lease
Borrower requested a $160,000 Fix & Lease loan secured by a single-family property in Zephyrhills, FL. The home features 2 bedrooms, 1.5 bathrooms with 1,080 square feet of living space, a 1 car garage and an inground pool on 0.22 acres. Once the renovations are complete, the borrower intends to refinance into a DSCR loan as the main exit strategy. As a secondary exit the borrower is open to selling the home.
