Borrower requested a $108,750 loan to purchase, fix and flip a single family home in Tampa, Florida. The property was purchased for $145,000 and the borrower is completing a $30,000 remodel with their own cash out of pocket. The property had a roof replacement and plumbing updates in 2016, with a city permit. Borrower plans to complete the remodel and sell the home for a profit within 8 months. The borrower will be performing the remodel work as the contractor, and has a history of multiple successful projects purchased, remodeled and sold with DKC in the last 2 years.
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $117,000 loan to purchase a single-family property in Fort Myers, Florida. The borrower is paying $167,500 for the property that has suffered hurricane damage in 2022. The property features 3 beds and 2 baths at 1,448 sq/ft. Borrower plans to complete a $62,800 rehab budget out of pocket, before renting the property as an annual rental to refinance as an exit to the loan.
- Loan Amount: $117,000
- Term: 1 Year
- Date: January 2023
