Borrower requested a $250,000 new construction loan on a duplex property in Lake Wales, Florida. The property will feature 2 units with 3 beds and 2 baths at 1,450 sq/ft each. Borrower plans to lease both units upon completion and refinance into a DSCR program as an exit to the loan.
Collateral:
Type: Fix and Flip
Description:
This is a $305,000 acquisition (land) loan secured by a tear-down single- family property located in Clearwater Beach, Florida. The subject property sits on a 0.16-acre lot (7,083 square feet) in a flood zone. The primary exit strategy for this loan is to build and sell a new construciton property.
- Loan Amount: $305,000
- Date: January 2026
