Borrower requested a $105,000 loan, to purchase a single family property in Ocala, Florida. The borrower is paying $150,000 for the property and has a $25,000 construction budget planned. Borrower works for a construction company and will be performing the majority of the work himself. Borrower plans to lease the property for as an annual rental after the renovation and refinance as an exit to the loan. Recent appraisal is available.
Collateral:
Type: New Construction
Description:
This is a $480,000 new construction loan request, with $200,000 funded at closing, secured by a non-waterfront single-family-zoned lot in Redington Shores, Florida. The project will consist of a three-story, coastal-style home featuring three bedrooms, three bathrooms, approximately 2,072 heated square feet, and a two-car garage. The primary exit strategy is a retail sale.
- Loan Amount: $480,000
- Date: February 2026
