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: New Construction
Description:
Borrower requested a $110,000 loan to complete construction of a single-family property in Lehigh, Florida. The property features 4 bedrooms and 3 bathrooms, 2,152 square feet of living space, and a 2-car garage on a 0.25-acre lot. Borrower plans to lease the property for an annual rental after the renovation and refinance as an exit to the loan.
- Loan Amount: $110,000
- Date: July, 2026
