Borrower requested a $380,000 loan to refinance a single-family property in Saint Petersburg, Florida. The property features 2 beds and 1 bath at 1,096 sq/ft. Once the property is a legal duplex, the borrower will lease the property as an annual rental and refinance 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