Borrower requested a $100,000 loan to purchase a single-family fix and flip property in Dover, Florida. The borrower is purchasing the property from a probate sale, negotiating the final liens with the city for a final settlement to clear the title. The borrower has an extensive $95,000 construction budget planned including a new roof, ac and complete cosmetic renovation. Borrower plans to sell the property for a profit once the renovations are complete.
Collateral:
Type: New Construction
Description:
This is a new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025
