Borrower requested a $52,000 loan to purchase a vacant land property in Saint Cloud, Florida. The property features a vacant lot with 0.42 acres. The property will feature a fourplex with 3 beds and 2 baths each. The borrower plans to refinance after the construction is completed 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