Borrower requested a $64,000 loan to refinance a single-family property in Tampa, Florida. The current estimated value of the property is around $275,000. The property is currently tenant-occupied, renting for $1,725/month. Borrower is an experienced investor with an extensive real estate rental portfolio and has operated and sold multiple businesses in the automotive industry.
Collateral:
Type: New Construction
Description:
This is a new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025