Borrower requested a $147,000 loan to purchase a duplex property in Bradenton, Florida. The borrower paid $195,000 and has a $25,000 cosmetic construction budget planned. Borrower owns a construction company and plan to self fund and perform the renovation. The property features 2 units each with 1 bed and 1 bath at 784 sq/ft each. Borrower plans to rent the property post renovation and exit the loan with a long term debt refinance.
Collateral:
Type: New Construction
Description:
This is a $120,000 new construction loan request secured by a single-family home located in Spring Hill, Florida. The property is being built as a 4-bedroom, 2-bathroom residence with a 2-car garage, totaling 2,123 square feet. The home is fully dried in, with interior drywall and texture finished, bathroom tile installed, and all exterior work complete except for landscaping and the driveway. The planned exit strategy is to sell the property upon completion.
- Loan Amount: $120,000
- Date: September 2025
