Borrower requested a $190,000 loan to purchase a single-family property in Tampa, Florida, pledging an additional free and clear property as collateral for the loan. The borrower paid $150,000 for the property and has a $30,000 construction budget planned. Additionally, the 3308 River Grove property has an estimated value of $220,000. The property at 8901 N 20th St, features 2 beds and 1 bath at 1,178 sq/ft. Borrower plans to sell the property after the renovation as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $260,000 new construction loan request on a duplex located in Port Charlotte, FL, with an initial disbursement of $60,000 at closing. Upon completion, the property will consist of two units, each featuring 3 bedrooms, 2 bathrooms, 1,247 square feet of living space, and a 1-car garage. The borrower intends to refinance the property as the primary exit strategy.
- Loan Amount: $260,000
- Date: August 2025
