Borrower requested a $245,000 loan to purchase a single-family property in Weeki Wachee, Florida. The borrower paid $350,000 for the property and will be performing minor cosmetic upgrades. The property features 3 beds and 2 baths at 1,732 sq/ft on a 1.41 acre lot. Borrower plans to lease the property as an annual rental and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $480,000 new construction loan request, with $200,000 funded at closing, secured by a non-waterfront single-family-zoned lot in Redington Shores, Florida. The project will consist of a three-story, coastal-style home featuring three bedrooms, three bathrooms, approximately 2,072 heated square feet, and a two-car garage. The primary exit strategy is a retail sale.
- Loan Amount: $480,000
- Date: February 2026
