Borrower requested a $105,000 loan to refinance a new-construction project in New Port Richey, Florida. To date, the borrower purchased and started construction using cash, and has spent roughly $150,000 to date. The property is now dried in and recently passed rough mechanical, and plumbing city inspections. The completed home will feature 3 beds and 2 baths at a total of 2,379 sq/ft (1,671 heated) with an estimated ARV of $350,000+.
Collateral:
Type: New Construction
Description:
This is a $255,000 new construction loan request for a duplex located in Lake Wales, FL. The proposed duplex will consist of two units, each featuring three bedrooms, two bathrooms, and approximately 1,005 square feet of living space, totaling six bedrooms, four bathrooms, and 2,010 square feet of combined living space. Borrower’s refinancing strategy is designed to manage debt and cash flow based on rental income.
- Loan Amount: $255,000
- Date: June 2025
