The borrower has requested a $190,000 loan to purchase a single-family property in St. Petersburg, Florida. As collateral, the borrower is pledging a free-and-clear condominium unit located in Pinellas Park, FL. The condo features 2 bedrooms, 2 bathrooms, and 1,109 square feet of living area. The borrower’s exit strategy is to sell both properties.
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
