Borrower requested a $250,000 new construction loan on a duplex property in Lake Wales, Florida. The property will feature 2 units with 3 beds and 2 baths at 1,450 sq/ft each. Borrower plans to lease both units upon completion and refinance into a DSCR program as an exit to the loan.
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
