Borrower requested a $105,000 loan to refinance a single-family property in Eagle Lake, Florida to access equity to complete a renovation. The property features 3 beds and 1 bath at 796 sq/ft on a 5,53 sq/ft lot. After construction is complete, they plan to lease and refinance the property as an exit to the loan.
Collateral:
Type: New Construction
Description:
Borrower requested a $165,000 new construction refinance for a single-family home located in Lake Wales, FL. The property is designed as a three-bedroom, two-bathroom home with a two-car garage, totaling 1,333 square feet. The borrower’s exit strategy is to refinance into a DSCR loan once the property reaches certificate of occupancy.
- Loan Amount: $165,000
- Date: May 2025