Borrower requested a $615,000 loan to purchase five villas in Springhill, Florida. The borrower is paying $590,000 for the package of properties and has a $50,000 construction budget planned total. Each villa features 2 beds and 2 baths at roughly 972 sq/ft. Additionally, the borrower is collateralizing two rental properties, owned free and clear. A manufactured mobile home remodelled and renting for around $1,200/month and a SFR remodelled and rented for $1,375/month. Borrower plans to lease the properties as annual rentals after the renovation and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $260,000 new construction loan request on a duplex located in Port Charlotte, FL, with an initial disbursement of $60,000 at closing. Upon completion, the property will consist of two units, each featuring 3 bedrooms, 2 bathrooms, 1,247 square feet of living space, and a 1-car garage. The borrower intends to refinance the property as the primary exit strategy.
- Loan Amount: $260,000
- Date: August 2025
