Borrower requested a $423,000 loan to purchase a single-family, fix and lease property in Terra Ceia, Florida. The borrower is paying $650,000 for the property which includes 5+ acres and 3 beds and 2 baths at 1,847 sq/ft. Borrower plans to complete a primarily cosmetic renovation to the main home. Borrower has been approved for a 80% LTV refinance as exit to this 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
