This request is for a $240,000 new construction loan, with $110,000 to be funded at closing, secured by a single-family residence located in St. Petersburg. The property will feature three bedrooms, two bathrooms, and approximately 1,500 square feet of living space. The primary exit strategy is to complete construction, obtain a certificate of occupancy, and sell the property. As a secondary exit strategy, the borrower maintains a strong credit profile and can refinance the property if market conditions require additional time to achieve a sale.
Collateral:
Type: New Construction
Description:
This request is for a $260,000 new construction loan secured by two to-be-built single-family homes (to be built) and two additional neighboring subdivided lots pledged as collateral. The first will consist of three bedrooms, two bathrooms, approximately 1,704 square feet of living area, and a two-car garage. The second will include three bedrooms, 2.5 bathrooms, approximately 1,777 heated square feet, and a two-car garage. Borrower primary exit strategy is to sell the property after completion.
- Loan Amount: $260,000
- Date: March 2026
