Borrower requested a $40,000 loan, to refinance a single-family property in Winter Haven, FL. The borrower is using the loan proceeds to satisfy a construction loan on the property. The borrower aims to exit the loan with a conventional bank refinance in the next 2-4 months. The property was recently appraised in June 2021 for $294,000.
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
