Borrower requested a $135,000 loan to purchase a single-family property (including an additional empty lot) in Spring Hill, Florida. The borrower paid $193,000 for the property and has a $57,000 construction budget planned, which includes adding a new manufactured home on the vacant lot. The property features 3 beds and 1 bath at 906 sq/ft. Borrower will be performing all of the renovations himself and plans to sell the property once the renovations are completed 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
