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 $550,000 loan request to finance the construction of a single-family property in Cape Coral, Florida. The planned property includes two stories, four bedrooms, four bathrooms, a two-car garage, an executive office, an inground pool, and 3,199 square feet of living space on a canal with a boat dock providing access to the Gulf of Mexico. The borrower plans to refinance as the exit strategy for this loan.
- Loan Amount: $550,000
- Date: January 2025