Borrower requested a $108,000 loan to purchase a duplex property in Auburndale, Florida. The borrower paid $145,000 for the property and has a $21,000 construction budget planned. The property features 2 units each with 1 bed and 1 bath at 540 sq/ft. Borrower plans to complete the renovation and then sell the property once completed.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025