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 $255,000 new construction loan request for a duplex located in Lake Wales, FL. The proposed duplex will consist of two units, each featuring three bedrooms, two bathrooms, and approximately 1,005 square feet of living space, totaling six bedrooms, four bathrooms, and 2,010 square feet of combined living space. Borrower’s refinancing strategy is designed to manage debt and cash flow based on rental income.
- Loan Amount: $255,000
- Date: June 2025
