Borrower requested a $285,000 loan to purchase a commercial property in Fort Myers, Florida while simultaneously pledging a second free and clear SFR rental property in Cape Coral, Florida as collateral for the loan. The property features 1,258 sq/ft, on a corner lot, with 6 parking spaces. The property located on 5th Place features 3 beds, 2 baths at 1,165 sq/ft on a 0.27 acre lot, and is currently rented on an annual lease. The borrower plans to 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
