Borrower requested a $220,000 new construction loan to build a single-family home, in St. Petersburg, Florida. The construction plans consist of a 1,232 sq/ft main home, with an additional ADU that features a 2 car garage and 624 heated sq/ft. The borrower has a $290,000 total construction budget planned, and has currently spent $75,000 on the construction and $30,000 on the land. The slab and block construction have been completed, along with the truss order. The property will consist of a 3 bed and 2 bath and a 1 bed 1 bath efficiency.
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