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 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
