Borrower requested a $450,000 loan to build a single-family property in Tampa, Florida. The borrower paid $170,000 for the land and has a $540,000 construction budget planned. The construction plans have been approved by the city, and feature 4 beds and 3 baths at 3,854 sq/f (heated). Borrower owns for a construction company and will be performing the majority of the work himself, subbing out main trades.
Collateral:
Type: New Construction
Description:
Borrower requested a $425,000 loan to begin construction on a single-family property in Lakeland, Florida. The property will feature 4 beds and 3 baths at 3,727 sq/ft. The target sale price for the completed property is estimated $1.1 million.
- Loan Amount: $425,000
- Date: September 2024