Borrower requested a $500,000 loan to purchase a commercial car lot and building in Hudson, FL. The borrower paid $695,000 for the property and has plans to build a new structure and sell the property as a car dealership. Appriased value was $850,000 at purchase.
Collateral:
Type: New Construction
Description:
This is a $380,000 new construction loan request for a single-family property located in St. Augustine, FL. The home will feature 3 bedrooms, 2.5 bathrooms, and an office that can serve as an additional bedroom, with a total of 2,256 square feet of living space. The borrower will refinance the subject property if the builds and the sales take longer than anticipated.
- Loan Amount: $380,000
- Date: December 2024
