Borrower requested a $90,000 loan to refinance a single-family property in Cocoa, Florida. The property features 3 beds and 2 baths at 1,629 sq/ft. The borrower plans on adding one bed and one bath to the property to increase the ARV and then 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