Borrower requested a $110,000 refinance on a single-family new construction property in Wimauma, Florida. The borrower purchased the land for $40,000 in 2014 and invested roughly $273,000 to date in building a new construction single-family home. The property features 4 beds and 4 baths at 3,804 total sq/ft. Borrower will use the loan proceeds to fund the completion of the build, as he has used cash to this point, and plans to refinance and occupy the property as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $200,000 new construction loan request for a single-family home located in Fort Myers, FL. Upon completion, the property will comprise two separate structures: the main residence, which features seven bedrooms and six bathrooms across 1,837 heated square feet, and a 550-square-foot studio suite, totaling 2,387 square feet of heated living area. Borrower exit strategy for this particular property is a long-term hold, with plans to refinance using a debt-service coverage ratio (DSCR) loan.
- Loan Amount: $200,000
- Date: June 2025