This request is for a $450,000 new construction loan, with $125,000 to be funded at closing, secured by a new construction single family proeprty located in Dover, Florida. The property will feature a two-story single-family residence with four bedrooms and four bathrooms, totaling 3,745 square feet of living area and a two-car garage, situated on a 1.2-acre lakefront lot backing up to a private lake. The primary exit strategy is a refinance into long-term financing upon completion, though the borrower has stated he would consider a sale if market conditions warrant.
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
