Borrower requested a $350,000 loan to purchase a single family property in Riverview, Florida. The borrower paid $270,000 for the property and has a $80,000 construction budget planned, a full renovation and addition of 2 car garage with an estimated ARV of $430,000. Borrower additionally pleading a renovated, cash-flowing rental property as additional collateral for the loan.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025