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: Fix and Flip
Description:
This is a $305,000 acquisition (land) loan secured by a tear-down single- family property located in Clearwater Beach, Florida. The subject property sits on a 0.16-acre lot (7,083 square feet) in a flood zone. The primary exit strategy for this loan is to build and sell a new construciton property.
- Loan Amount: $305,000
- Date: January 2026
