Borrower requested a $105,000 loan, to purchase a single family property in Ocala, Florida. The borrower is paying $150,000 for the property and has a $25,000 construction budget planned. Borrower works for a construction company and will be performing the majority of the work himself. Borrower plans to lease the property for as an annual rental after the renovation and refinance as an exit to the loan. Recent appraisal is available.
Collateral:
Type: Refinance
Description:
This is a $70,000 refinance loan request, secured by a single-family residence located in Panama City, Florida. The subject property was built in 1952 and consists of a 4-bedroom, 3-bathroom home with a one-car garage, totaling 2,416 square feet, along with an oversized detached garage, situated on one acre of land. Borrower exit strategy is to either retain the property as employee rental or sell the property.
- Loan Amount: $70,000
- Date: December 2025
