Borrower requested a $875,000 loan to purchase a warehouse in Jacksonville, Florida. The borrower paid $525,000 for the property while also pledging 4 additional single family properties and 1 large warehouse. Borrower plans to rehab the property and lease the property as an annual rental after the renovation and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $380,000 new construction loan request for a single-family property located in St. Augustine, FL. The home will feature 3 bedrooms, 2.5 bathrooms, and an office that can serve as an additional bedroom, with a total of 2,256 square feet of living space. The borrower will refinance the subject property if the builds and the sales take longer than anticipated.
- Loan Amount: $380,000
- Date: December 2024
