Borrower requested a $315,000 loan ($245,000 acquisition financing and $70,000 construction financing) to purchase a single-family property in Jacksonville, Florida. The borrower paid $350,000 for the property and has an extensive $140,000 construction budget planned. Borrower is partnering with a licensed general contractor and plans to sell the property for a profit after the renovation is completed.
Collateral:
Type: Refinance
Description:
Borrower requested a $85,000 loan to refinance a single-family fix and flip property in Sanford, Florida. The property will feature 3 bedrooms, 2 bathrooms, and 1,242 square feet of living space upon completion. The home sits on a desirable double lot totaling 0.48 acres and overlooks a pond. The borrower plans to list the property for sale after the renovation as an exit to the loan.
- Loan Amount: $85000
- Date: January 2025