Recently Funded Fix And Flip Loan In Tampa, FL

Loan Scenario:

This full gut renovation project is located in Tampa, Florida, where a single-family detached home was purchased for $1,675,000 with a rehab budget of $880,000. The loan amount secured for the project is $2,376,150, resulting in a Loan-to-Cost (LTC) ratio of 93% and a Loan-to-After Repair Value (LTARV) of 66%. The after-repair value (ARV) of the property is projected at $3,600,000, offering significant potential for return on investment.

The property, situated on 11,510 sq ft, was built in 1992 and features 7 bedrooms and 6.5 bathrooms. It is currently vacant, and the investor plans to execute an extensive renovation. The scope of work includes demolition, construction cleanup, and a complete overhaul of both the interior and exterior. The exterior work will include roof replacement, pool decking, and new doors and windows, while the interior will feature new framing, stair railings, kitchen cabinets, countertops, and flooring throughout. The bathrooms will be fully remodeled, and an elevator will be installed to enhance accessibility. Additional improvements include a full HVAC system replacement and other plumbing updates.

This project is funded with a 12-month fix-and-flip loan, providing the investor with the capital needed to complete the renovation within the set timeframe. The goal is to maximize the property’s value and capitalize on the increasing demand in Tampa’s luxury market. By transforming this home into a high-end, modern property, the investor plans to secure a strong return on investment upon completion.