Borrower requested a $750,000 loan to purchase a single-family property in Pace, Florida. The borrower paid $305,000 for the property and is intending on leasing the property ASAP. Additionally, the borrower is pledging three condos in the Orlando area, currently operating as short-term rentals, all owned free and clear. The SFR property features 4 beds and 2 baths at 2003 sq/ft. The borrower is using the loan surplus to fund the purchase of 175 acres in Alabama for development. The borrower plans to 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
