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: Refinance
Description:
Borrower requested a $155,000 loan to refinance a single-family property in Tampa, Florida. The property features 2 beds and 1 bath at 1,108 sq/ft, and is tenant occupied. The borrower is using proceeds to complete a build at a different location and will sell the other investment property to exit the loan.
- Loan Amount: $155,000
- Date: July 2024
