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:
Borrower requested a $155,000 loan to refinance a single-family property in Tampa, Florida. The property features 2 beds and 1 bath at 1,108 sq/ft, and is tenant occupied. The borrower is using proceeds to complete a build at a different location and will sell the other investment property to exit the loan.
- Loan Amount: $155,000
- Date: July 2024
