Borrower requested a $105,000 loan to refinance a new-construction project in New Port Richey, Florida. To date, the borrower purchased and started construction using cash, and has spent roughly $150,000 to date. The property is now dried in and recently passed rough mechanical, and plumbing city inspections. The completed home will feature 3 beds and 2 baths at a total of 2,379 sq/ft (1,671 heated) with an estimated ARV of $350,000+.
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $650,000 loan to purchase a single-family property in Tarpon Springs, Florida. The property being purchased features 2 beds and 2 baths at 2,188 sq/ft with a pool. The borrower is cross collateralizing another property in pristine condition, featuring 4 beds and 5 baths in 3,849 sq/ft with a pool. The borrower will be selling the property as an exit from the loan.
- Loan Amount: $650,000
- Date: March 2025
