Borrower requested a $750,000 new construction loan in South Tampa, Florida to complete the construction of a single-family home. The borrower paid $400,000 for the property in 2020 and has a total $800,000 construction budget planned. The property will feature 4 beds, 4.5 baths, and a 2-car garage totalling 4,182 sq/ft. The borrower plans to refinance the property as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $380,000 new construction loan request for a single-family property located in St. Augustine, FL. The home will feature 3 bedrooms, 2.5 bathrooms, and an office that can serve as an additional bedroom, with a total of 2,256 square feet of living space. The borrower will refinance the subject property if the builds and the sales take longer than anticipated.
- Loan Amount: $380,000
- Date: December 2024
