Borrower requested a $100,000 loan to purchase a condominium in Tampa, Florida. The borrower is paying $175,000 for the property, which was recently renovated and is rent-ready. The property features 2 beds and 2.5 baths at 1,138 sq/ft. Borrower plans to lease the property as an annual rental 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