Borrower requested a $40,000 loan for an investment property purchase in Palm River Florida and will be pledging the property as collateral. The property will undergo an extensive remodel, featuring an addition of a bedroom and square footage along with a full cosmetic improvement. The borrower will be putting 60% down at the acquisition, in addition to the capital improvements which will be paid for by the borrower in cash. Borrower is an experienced construction manager and will be performing a majority of the work himself.
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
