Borrower requested a $420,000 loan to purchase two adjacent duplexes in Clearwater, Florida. The borrower paid $600,000 for both properties and has a $57,500 total construction budget planned. Both properties feature a combined 8 beds and 4 baths at a total 2,784 sq/ft. The property currently has a units rented for a combined $3,200/month. Borrower plans to rehab the property and lease the property as an annual rental after the renovation and refinance as an exit to the loan
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
