Borrower requested a $122,000 loan to purchase a single-family property in New Port Richey, Florida. The borrower paid $175,000 for the property and has a $10,000 construction budget planned, all cosmetic. The property features 2 beds and 1 baths at 1,011 sq/ft, estimated ARV of $225,000. Borrower intends to lease the property as an annual rental after the renovation before refinancing as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025
