Borrower requested a $145,000 loan to purchase a townhouse in Tampa FL. Borrower paid $178,000 for the property and has a $35,000 construction budget planned, primarily cosmetic in which DKC will provide a draw schedule. The property features 3 beds, 2 baths at 1,211 Sq Ft. The borrower plans to refinance the property for a long term rental as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $260,000 new construction loan request on a duplex located in Port Charlotte, FL, with an initial disbursement of $60,000 at closing. Upon completion, the property will consist of two units, each featuring 3 bedrooms, 2 bathrooms, 1,247 square feet of living space, and a 1-car garage. The borrower intends to refinance the property as the primary exit strategy.
- Loan Amount: $260,000
- Date: August 2025
