The collateral property is a 0.67-acre residential development parcel located in New Port Richey, Florida. The borrower plans to use the funds to acquire this parcel and intends to repay the mortgage through proceeds from the sale of the property. Collateral for the loan includes a recorded 1st Mortgage, Collateral Assignment of Rents and Leases, and a UCC-1 Financing Statement on the Mortgage. The principals are experienced real estate investors who have secured development rights and will market the site for sale to an end developer.
