Borrower requested a $120,000 loan to purchase a single-family, fix and flip property in Hudson Florida. The borrower paid $187,500 for the property and had a $35,000 construction budget planned. ARV is estimated $250,000-$275,000. The borrower owns a construction management company and performs the construction with his own crew.
Collateral:
Type: Refinance
Description:
The borrower has requested an $850,000 loan for a multifamily quadplex located in Tampa, Florida. The property consists of two detached buildings, offering three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit totaling 1,596 sq. ft. One building features unregistered living space due to the conversion of a 2-car garage into a laundry room and additional living area. The borrower plans to refinance as an exit from the loan.
- Loan Amount: $850,000
- Date: October 2024