Borrower requested a $120,000 loan to purchase a single-family property in Lynn Haven, Florida. The borrower paid $170,000 for the property and has a $26,000 construction budget planned including a new HVAC system and full cosmetic updates. The property was damaged during the last hurricane and was abandoned by the developer. The borrower plans to sell the property for a profit after the renovation is complete, ARV between $280,000-$300,000.
Borrower requested a $150,000 loan to refinance a single-family property in St. Pete Beach, Florida. The borrower purchased the property in 2017 for $1,181,000. The property features 3 beds and 3 baths at 2,501 sq/ft. Borrower plans to sell the property in the next 3-6 months as an exit to the loan.