Borrower requested a $675,000 loan to purchase a single-family property in Odessa, Florida. The borrower is additionally pledging a single family home located on Belle Meade Blvd, Odessa, FL. The Armistead property features 4 beds and 3 baths at 4,048 sq/ft on a 0.64-acre lot. The borrower plans to sell the property after the renovation to exit 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
