Borrower requested a $105,000 loan to refinance a new-construction project in New Port Richey, Florida. To date, the borrower purchased and started construction using cash, and has spent roughly $150,000 to date. The property is now dried in and recently passed rough mechanical, and plumbing city inspections. The completed home will feature 3 beds and 2 baths at a total of 2,379 sq/ft (1,671 heated) with an estimated ARV of $350,000+.
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