Borrower requested a $275,000 loan to purchase a single-family property in Tampa, Florida. The Frierson property features 2 beds and 1 bath at 788 sq/ft and sits on a 5,824 sq/ft lot, and is currently rented as an annual lease. The Candlewood property features 2 beds and 1 bath at 972 sq/ft on a 7,476 sq/ft lot, and the borrower plans to complete a remodel and sell for profit 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
