Borrower requested a $130,000 loan to refinance a single-family property in Tallahasse, Florida. The property features 11 beds and 2 baths at 2,505 sq/ft sitting on a 13,939 sq/ft lot. The borrower plans to lease the property as an annual rental after the renovation and refinance 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
