Borrower requested a $75,000 loan to purchase a condominium in Temple Terrace, Florida. The borrower paid $140,000 for the property and has a $15,000 construction budget planned. The property features 1 bed and 1 bath at 754 sq/ft. Borrower plans to lease the property for as an annual rental after the renovation and refinance 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
