Borrower requested a $35,000 loan to refinance a single-family property in Pensacola, Florida. The borrower purchased the lot in 2022 and has since constructed a single-family residence, currently in the drywall stage. The property features 4 beds and 2.5 baths at 2,515 sq/ft. The borrower plans to refinance the property 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