The borrower requested a $250,000 loan to complete a new construction project in Saint Petersburg, Florida. The property will feature 3 beds and 2 baths at 1,500 sq/ft with a detached garage and ADU with 672 sq/ft and 1 bed 1 bath. The borrower plans to sell the property upon completion as an exit to the loan.
Collateral:
Type: Refinance
Description:
This is a $350,000 refinance loan request secured by two residential dwellings on a single 1.5-acre parcel in Kissimmee, FL. The main residence at Cahokia Ct is a single-family home with four bedrooms, three bathrooms, approximately 2,977 square feet of living space, and an in-ground pool. The second dwelling was newly constructed in 2024 on the same parcel. This structure includes three bedrooms, one bathroom, approximately 1,300 square feet of living space, and a one-car garage. The proposed exit strategy for this loan is to refinance the subject property into a DSCR loan.
- Loan Amount: $350,000
- Date: May 2025