The borrower requested a $115,000 new construction loan for a single-family property located in Babson Park, FL. The property, which features 3 bedrooms, 2 bathrooms, and 1,403 square feet of living space, is approximately 70% complete. The borrower intends to list the property for sale.
Collateral:
Type: Refinance
Description:
This is a $400,000 refinance loan request for a quadplex in Treasure Island, FL, which the borrower owns free and clear. The property consists of four one-bedroom, one-bathroom units, each measuring 527 square feet, for a total living space of 2,108 square feet. Borrower plans to make monthly interest payments using the property’s cash flow and available reserves.
- Loan Amount: $400,000
- Date: March 2025