Borrower requested a $380,000 loan to refinance a single-family property in Saint Petersburg, Florida. The property features 2 beds and 1 bath at 1,096 sq/ft. Once the property is a legal duplex, the borrower will lease the property as an annual rental 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