This is a $100,000 loan request to acquire a single-family tear-down property in Tampa, FL. The existing structure is a two-bedroom, one-bathroom single-family home built in 1948, which is slated for demolition. The lot is zoned RS50 and measures 50 x 95 and 4,750 square feet. The borrower plans to sell the completed single-family home once construction is finished as an exit strategy for the loan.
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $650,000 loan to purchase a single-family property in Tarpon Springs, Florida. The property being purchased features 2 beds and 2 baths at 2,188 sq/ft with a pool. The borrower is cross collateralizing another property in pristine condition, featuring 4 beds and 5 baths in 3,849 sq/ft with a pool. The borrower will be selling the property as an exit from the loan.
- Loan Amount: $650,000
- Date: March 2025
