Borrower requested a $420,000 loan to purchase two adjacent duplexes in Clearwater, Florida. The borrower paid $600,000 for both properties and has a $57,500 total construction budget planned. Both properties feature a combined 8 beds and 4 baths at a total 2,784 sq/ft. The property currently has a units rented for a combined $3,200/month. Borrower plans to rehab the property and lease the property as an annual rental after the renovation and refinance as an exit to the loan
Collateral:
Type: New Construction
Description:
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.
- Loan Amount: $125,000
- Date: October 2026
