Borrower requested a $175,000 loan to purchase a single-family property in Fort Myers, Florida. The property features 3 beds and 2 baths at 2,033 sq/ft. The property is currently tenant-occupied on an annual lease. The borrower plans to keep the property as a rental and then refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
Borrower requested a $425,000 loan to begin construction on a single-family property in Lakeland, Florida. The property will feature 4 beds and 3 baths at 3,727 sq/ft. The target sale price for the completed property is estimated $1.1 million.
- Loan Amount: $425,000
- Date: September 2024