Borrower requested a $280,000 loan to purchase a single-family property in Tampa, Florida, additionally pledging a free and clear property as collateral for the loan. The property features 3 beds and 1 bath at 864 sq/ft sitting on a 0.23 acre lot. Borrower plans to sell the property 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
