Borrower requested a $175,000 loan to refinance a single-family property in Tampa, Florida. The property features 3 beds and 1 bath at 1,024 sq/ft, and the borrower has construction plans to add square footage and increase the bed/bath count to a 4/3. The borrower plans to list the property for sale after the renovation and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $255,000 new construction loan request for a duplex located in Lake Wales, FL. The proposed duplex will consist of two units, each featuring three bedrooms, two bathrooms, and approximately 1,005 square feet of living space, totaling six bedrooms, four bathrooms, and 2,010 square feet of combined living space. Borrower’s refinancing strategy is designed to manage debt and cash flow based on rental income.
- Loan Amount: $255,000
- Date: June 2025
