Borrower requested a $108,000 loan to purchase a single-family property in Panama City, Florida. The borrower paid $155,000 for the property and has a $22,000 construction budget planned that is primarily cosmetic. The property features 3 beds and 2 baths at 1,215 sq/ft. Borrower plans to sell the property for a profit once the renovation is completed, ARV estimated around $290,000+.
Collateral:
Type: New Construction
Description:
This is a $200,000 new construction loan request for a single-family home located in Fort Myers, FL. Upon completion, the property will comprise two separate structures: the main residence, which features seven bedrooms and six bathrooms across 1,837 heated square feet, and a 550-square-foot studio suite, totaling 2,387 square feet of heated living area. Borrower exit strategy for this particular property is a long-term hold, with plans to refinance using a debt-service coverage ratio (DSCR) loan.
- Loan Amount: $200,000
- Date: June 2025