Borrower requested a $138,600 fix and flip loan to purchase a $198,000 single family property in Panama City, Florida. Borrower intends to complete a $22,000 remodel before aiming to sell for a profit. Renovations are cosmetic, updating bathrooms, flooring, paint and kitchen. The borrower is a licensed real estate broker, and has completed multiple recent projects within Panama City.
Collateral:
Type: Refinance
Description:
The borrower has requested an $850,000 loan for a multifamily quadplex located in Tampa, Florida. The property consists of two detached buildings, offering three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit totaling 1,596 sq. ft. One building features unregistered living space due to the conversion of a 2-car garage into a laundry room and additional living area. The borrower plans to refinance as an exit from the loan.
- Loan Amount: $850,000
- Date: October 2024