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: 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