Borrower requested a $60,000 loan to purchase a single-family, fix and flip property in Daytona Beach, Florida. The borrower paid $85,000 for the property and has a full remodel planned with a construction budget of $40,000, including a new roof, ac, and full cosmetics. The property currently features 1 bed and 1 bath at 704 sq/ft and has an estimated ARV of $170,000-$180,000 after adding a second bedroom.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025