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: New Construction
Description:
Borrower is requesting a $450,000 construction loan, with $125,000 funded at closing, to continue construction of a single-family residence in Englewood, Florida. Upon completion, the home will feature 4 bedrooms, 4.5 bathrooms, 4,067 square feet of living space, two stories, a 3-car garage, and an in-ground pool. The borrower plans to refinance the property upon completion as the exit strategy.
- Loan Amount: $450,000
- Date: August 2026
