Question 1

Does Florida homestead law reach a Fort Myers or Cape Coral rental?

Accepted Answer

Not a rental owned by an LLC, and generally not one that is no one's home. Article X, section 4(a) of the Florida Constitution gives homestead status to property owned by a natural person and, within a city, only to the residence of the owner or the owner's family. An LLC-owned investment property is not homestead. Florida does not stop an owner from mortgaging a homestead voluntarily either (section 4(c)); the protection is against forced sale for unsecured judgments. Our program lends only on non-owner-occupied investment property, never a primary residence or second home. This is not legal advice; your attorney or title company has the final say on your property.

Question 2

If the first mortgage on my Lee County rental is foreclosed, what happens to the second?

Accepted Answer

Florida settles it in court, and a second lender has to claim surplus to be paid from it. There is no power of sale in Florida; the first lender files under Chapter 702, and after judgment the clerk sells the property under section 45.031. A subordinate lienholder may redeem only until the later of the certificate of sale or the time the judgment sets, and there is no right of redemption after that. If the sale brings more than the judgment, section 45.032 presumes the former owner is entitled to the surplus only after payment of subordinate lienholders who have timely filed a claim, and surplus still with the clerk a year after the sale is presumed unclaimed absent a pending proceeding. Under Florida case law, a junior lienholder joined in the senior foreclosure is foreclosed out by the sale, so a default on the first can cut off the second. See lien position explained and CLTV explained.

Question 3

What does it cost to record a second mortgage with the Lee County Clerk?

Accepted Answer

The Clerk's own calculator shows the state taxes dwarfing the page fees. As read on 2026-08-13, its fee calculator priced a 3-page, 4-name, $200,000 mortgage at $27.00 to record, $400.00 in intangible tax and $700.00 in documentary stamps, $1,127.00 in total. That matches Florida law: 35 cents per $100 in stamps under section 201.08(1)(b), uncapped for a recorded mortgage, plus 2 mills of intangible tax under section 199.133, about 0.55% combined. The page fees, $10.00 for the first page and $8.50 for each additional page, are Florida's statutory amounts under section 28.24(13), not a Lee figure. Use it as an illustration for your own loan amount, not a quote; these are state and county charges, not USA Mortgage fees.

Question 4

How does Florida tax a second mortgage set up as a line of credit?

Accepted Answer

Stamps follow the draws; intangible tax on a revolving line is paid once, up front. Under section 201.08(1)(b), a mortgage that secures future advances pays documentary stamps at recording on the initial amount, then on each advance as it is made. An advance with unpaid stamps keeps its lien, but the mortgage cannot be enforced in a Florida court as to that advance until the tax is paid. Under section 199.143(3), a revolving line of credit pays intangible tax on its maximum amount, and no further intangible tax is due on borrowing under it; section 199.143(1) taxes other future advances as each is made. The way your line is written decides which applies. Our second mortgage is offered as a lump sum or a line of credit, subject to underwriting.

Question 5

Where and how do Lee County mortgages get recorded?

Accepted Answer

At the Clerk of Court, at one of two counters or through an approved eRecording vendor. The Lee County Clerk records official records at 2115 Second Street, 2nd Floor, in Fort Myers and at 1039 SE 9th Place, 2nd Floor, in Cape Coral. Electronic recording goes only through third-party vendors; the Clerk lists CSC eRecording Solutions, eRecording Partners Network, Hopdox, Indecomm and Simplifile as direct submitters. The Clerk says it cannot guarantee a document will be recorded the same day. These details were read on 2026-08-13; confirm with the Clerk before you rely on them. Program terms are on the second mortgage program page.

Question 6

Can I borrow against a short-term rental on Fort Myers Beach?

Accepted Answer

Short-term rentals are eligible, and on Fort Myers Beach the town requires registration. The Town of Fort Myers Beach registers short-term rentals under Ordinance 18-01, with annual renewal, a fire inspection, and tourist tax and sales tax registration. Statewide, section 509.032(7)(b) bars local laws that prohibit vacation rentals or regulate how long or how often they rent, except rules adopted on or before June 1, 2011, and a 1 to 4 family house used as a vacation rental needs a state license under section 509.241. Check the town or city your property sits in before you count on short-term income behind a second payment. Subject to underwriting.

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