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:
The borrower has requested an $850,000 loan for a multifamily quadplex located in Tampa, Florida. The property consists of two detached buildings, offering three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit totaling 1,596 sq. ft. One building features unregistered living space due to the conversion of a 2-car garage into a laundry room and additional living area. The borrower plans to refinance as an exit from the loan.
- Loan Amount: $850,000
- Date: October 2024