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.
Collateral:
Type: Fix & Flip
Description:
Borrower requested a $142,000 loan to purchase a single-family property in Weeki Wachee, Florida. The property features 3 beds and 2 baths at 1,516 sq/ft sitting on a 8,800 sq/ft lot. Borrower plans to list the property for sale after the renovation as an exit to the loan.
- Loan Amount: $142,000
- Date: May 2023
