Borrower requested a $220,000 loan to purchase a single-family property in Cape Coral, Florida. The borrower is planning to complete a renovation on the property that features 3 beds and 2 baths at 1,458 sq/ft on a 9,757 sq/ft lot. Borrower plans to complete the renovation and sell for a profit as an exit to the loan.
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