Borrower requested a $500,000 loan to purchase a commercial car lot and building in Hudson, FL. The borrower paid $695,000 for the property and has plans to build a new structure and sell the property as a car dealership. Appriased value was $850,000 at purchase.
Collateral:
Type: New Construction
Description:
This loan totals $1,590,000, with $260,000 disbursed at closing, secured by a double-lot land asset located in Safety Harbor, Florida. The site consists of approximately 0.26 acres, and the borrower intends to subdivide the parcel and construct two new single-family homes. Each residence is planned as a two-story property featuring four bedrooms, four bathrooms, a two-car garage, and approximately 3,000 square feet of living space.
- Loan Amount: $1,590,000
- Date: February 2026
