Borrower requested a $100,000 loan to purchase a single-family property in Fort Myers, Florida. The borrower sold $105,000 for the property and has a $60,000 construction budget planned. The property features 2 beds and I bath at 1,120 sq/ft. The borrower plans to add one extra bed and one extra bath in order to increase the profit of the project. Borrower plans to sell the property for a profit once the renovation is completed, ARV in the low $200’s.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025