Borrower requested a $40,000 loan for an investment property purchase in Palm River Florida and will be pledging the property as collateral. The property will undergo an extensive remodel, featuring an addition of a bedroom and square footage along with a full cosmetic improvement. The borrower will be putting 60% down at the acquisition, in addition to the capital improvements which will be paid for by the borrower in cash. Borrower is an experienced construction manager and will be performing a majority of the work himself.
Collateral:
Type: Fix and Lease
Description:
This is a $400,000 loan secured by two single-family homes located in Clearwater, Florida. The home is a two-story property featuring four bedrooms, two bathrooms, and a two-car garage, situated on a 0.18-acre lot. The exit strategy is to refinance into a DSCR loan upon completion of renovations and stabilization.
- Loan Amount: $400,000
- Date: April 2026
