This request is for a new construction loan for a single-family home in Lutz, FL. Upon completion, the house will feature four bedrooms, three bathrooms, a two-car garage, 2,307 heated square feet, and 2,929 square feet under the roof. Borrower’s exit strategy for this project is to obtain a Certificate of Occupancy (CO), refinance the property, pay off the loan, and incorporate the home into his expanding rental portfolio.
Collateral:
Type: Refinance
Description:
This is a $400,000 refinance loan request for a quadplex in Treasure Island, FL, which the borrower owns free and clear. The property consists of four one-bedroom, one-bathroom units, each measuring 527 square feet, for a total living space of 2,108 square feet. Borrower plans to make monthly interest payments using the property’s cash flow and available reserves.
- Loan Amount: $400,000
- Date: March 2025