Borrower requested a $154,000 loan to purchase a single family property in New Port Richey, Florida. The borrower is paid $205,000 for the property and has o $35,000 construction budget planned which will be paid out of pocket and includes primary cosmetic updates. The property features 3 beds and 1.5 baths at 1,511 sq/ft. The estimated ARV (after repair value) is between $275,000- $285,000.
Collateral:
Type: Refinance
Description:
This is a $550,000 loan request to finance the construction of a single-family property in Cape Coral, Florida. The planned property includes two stories, four bedrooms, four bathrooms, a two-car garage, an executive office, an inground pool, and 3,199 square feet of living space on a canal with a boat dock providing access to the Gulf of Mexico. The borrower plans to refinance as the exit strategy for this loan.
- Loan Amount: $550,000
- Date: January 2025