Borrower requested a $60,000 loan to refinance a duplex property in Tampa, Florida. The borrower purchased the property in 2003 and currently has the property leased for a combined $1,925/ month as annual rentals. The property features 2 units, each with 1 bed and 1 bath at a combined 1,290 sq/ft with an exterior laundry room. The borrower plans to refinance as an exit from the loan.
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
