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:
Borrower requested a $200,000 refinance loan secured by a single-family residence in Tampa, Florida. Built in 1980, the property features 3 bedrooms, 2 bathrooms, and 1,562 square feet of living space situated on a 0.19-acre lot. Upon completion of the renovations, the borrower intends to refinance into a long-term DSCR loan as the exit strategy.
- Loan Amount: $200,000
- Date: August 2026
