Borrower requested a $195,000 loan to purchase a mid-construction single-family property in Winter Haven, Florida. Upon completion of the project, the property will feature 2 beds and 2 baths at 1,470 living square feet. The borrower additionally pledged a rental property as collateral to the loan and intends to list the new construction property upon project completion as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $380,000 new construction loan request for a single-family property located in St. Augustine, FL. The home will feature 3 bedrooms, 2.5 bathrooms, and an office that can serve as an additional bedroom, with a total of 2,256 square feet of living space. The borrower will refinance the subject property if the builds and the sales take longer than anticipated.
- Loan Amount: $380,000
- Date: December 2024
