Borrower requested a $324,000 loan, to purchase and renovate a single family home in Lutz, Florida. The property was purchased for $464,000 and the borrower is completing an estimated $250,000 extensive remodel including an addition with their own cash. The Borrower is a 40 year + General Contractor in New York, Nevada and Florida, and also designs plans himself. Borrower will exit the loan with a bank refinance upon completion of construction.
Collateral:
Type: Refinance
Description:
This is a $70,000 refinance loan request, secured by a single-family residence located in Panama City, Florida. The subject property was built in 1952 and consists of a 4-bedroom, 3-bathroom home with a one-car garage, totaling 2,416 square feet, along with an oversized detached garage, situated on one acre of land. Borrower exit strategy is to either retain the property as employee rental or sell the property.
- Loan Amount: $70,000
- Date: December 2025
