This is a $420,000 new construction loan request for a single-family property in Polk City, Florida. The borrower is constructing a 6-bedroom, 5-bathroom home with 5,532 square feet of living space, including an inground pool, a 2-car garage, Starlink internet, and a Tesla roof for solar energy. The borrower plans to list the property upon completion as an exit strategy.
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $650,000 loan to purchase a single-family property in Tarpon Springs, Florida. The property being purchased features 2 beds and 2 baths at 2,188 sq/ft with a pool. The borrower is cross collateralizing another property in pristine condition, featuring 4 beds and 5 baths in 3,849 sq/ft with a pool. The borrower will be selling the property as an exit from the loan.
- Loan Amount: $650,000
- Date: March 2025