Borrower requested a $120,000 loan to refinance a single-family property in Tampa, Florida. The borrower purchased the property in 2017 and is in the process of completing a renovation. The property features 3 beds and 2 baths at 1,200 sq/ft. Borrower plans to lease the property as an annual rental after the renovation 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