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 new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025