The collateral property is an owner-occupied industrial warehouse under construction in Homestead, Florida. The borrower seeks funds to finance this construction and plans to repay the mortgage through conventional financing upon completion. Collateral includes a recorded 1st Mortgage, Collateral Assignment of Permits/Contracts, Rents and Leases, and a UCC-1 Financing Statement. The principals are landscape professionals specializing in holiday landscape and decorating services for South Florida municipalities.
