Borrower requested a $615,000 loan to purchase five villas in Springhill, Florida. The borrower is paying $590,000 for the package of properties and has a $50,000 construction budget planned total. Each villa features 2 beds and 2 baths at roughly 972 sq/ft. Additionally, the borrower is collateralizing two rental properties, owned free and clear. A manufactured mobile home remodelled and renting for around $1,200/month and a SFR remodelled and rented for $1,375/month. Borrower plans to lease the properties as annual rentals after the renovation and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This request is for a $260,000 new construction loan secured by two to-be-built single-family homes (to be built) and two additional neighboring subdivided lots pledged as collateral. The first will consist of three bedrooms, two bathrooms, approximately 1,704 square feet of living area, and a two-car garage. The second will include three bedrooms, 2.5 bathrooms, approximately 1,777 heated square feet, and a two-car garage. Borrower primary exit strategy is to sell the property after completion.
- Loan Amount: $260,000
- Date: March 2026
