Borrower requested a $258,000 loan to purchase a single-family property that includes an efficiency suite and two additional, adjoining vacant lots in Clearwater, Florida. The borrower paid $345,000 for the property and has a $75,000+ construction budget planned for the existing property, that features 2 beds and 2 baths at 1500 sq/ft. Borrower plans to remodel the existing home and efficiency, and to build two smaller new construction homes on the adjoining vacant lots with his own capital.
Collateral:
Type: Fix and Flip
Description:
This is a $305,000 acquisition (land) loan secured by a tear-down single- family property located in Clearwater Beach, Florida. The subject property sits on a 0.16-acre lot (7,083 square feet) in a flood zone. The primary exit strategy for this loan is to build and sell a new construciton property.
- Loan Amount: $305,000
- Date: January 2026
