Borrower requested a $50,000 loan to refinance a single-family property in South Tampa, Florida. The property features 2 beds and 1 bath at 1,026 sq/ft. The borrower intends to demolish the current home and build a new construction single-family property on the lot. The borrower plans to sell another flip property on the market 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
