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: New Construction
Description:
This is a $260,000 new construction loan request on a duplex located in Port Charlotte, FL, with an initial disbursement of $60,000 at closing. Upon completion, the property will consist of two units, each featuring 3 bedrooms, 2 bathrooms, 1,247 square feet of living space, and a 1-car garage. The borrower intends to refinance the property as the primary exit strategy.
- Loan Amount: $260,000
- Date: August 2025
