Borrower requested a $126,000 loan to purchase a single family property in Port Saint Lucie, Florida. The property is being purchased for $180,000 with the intent of completing a $27,500 remodel (borrower using their own capital for the renovations) before selling the home for a profit. Improvements include a new HVAC system, Roof replacement and a complete cosmetic upgrade. The borrower is a licensed general contractor and will be performing the work himself.
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