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 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
