Borrower requested a $130,000 loan to refinance a single-family property in Tallahasse, Florida. The property features 11 beds and 2 baths at 2,505 sq/ft sitting on a 13,939 sq/ft lot. The borrower plans to lease the property as an annual rental after the renovation 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
