Borrower requested a $120,000 loan on a single-family property with an ADU in St. Petersburg, Florida. The main structure features 2 beds and 1 bath at 1,572 sq/ft and the ADU unit features 2 separate units, 1 bed and 1 bath each. The borrower plans to 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
