Borrower requested a $109,000 loan to purchase a single-family property in Tampa Florida. The borrower paid $149,000 and has a $20,000 construction budgets planned primarily cosmetic. The borrower 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.
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
