The borrower requested a $125,000 loan to purchase a condo property in Clearwater, Florida. The borrower is plans to update the bathrooms and kitchen before listing to rent. The property features 2 beds and 2 baths at 1,050 sq/ft. The borrower plans to refinance 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