5533 8TH AVENUE NORTH ST PETERSBURG
Updated Progress
05/20/25
The borrower has already secured the necessary permits and submitted a substantial draw request earlier this week—Monday, to be exact. The property was inspected yesterday, and from the sound of it, everything went smoothly.
Once the draw is reimbursed, they’re planning to move quickly and keep things progressing.
05/01/25
The project is currently awaiting building permit approval, which is anticipated within the next week. In the meantime, the roofing team has begun initial assessments and preparations on-site to ensure a prompt start once permits are in hand. Updated photos and a walkthrough video will be provided following permit approval to give a clear view of progress. While this early-stage delay is procedural, the borrower remains aligned with the outlined project plan and is positioned to move forward efficiently once authorization is granted.
04/03/25
Exciting progress is happening, with key milestones already in place! About 15% of the work is complete—demo and framing are done, setting a strong foundation for what’s next. Draws for that work are still pending due to an underwriting requirement on general permit approval, but all the groundwork is in place to keep things progressing smoothly.
On the permit front, roofers are ready to go, permits secured, and prepared to get started today. Just waiting on confirmation regarding the draw to ensure smooth payment once the job is done—Chris in draws has been contacted for clarity, so answers should come in soon.
The timeline faced a slight pause due to the general permit approval requirement, but once that’s in place, momentum will pick up fast. Without that delay, progress would already be 25% ahead! The waiting period for the engineer adds a bit of time, but with approval essentially guaranteed, it’s only a temporary hold-up before things accelerate again.
SUPPORTING DOCUMENTS
SIGNED PERSONAL GUARANTEE AGREEMENT 1
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SIGNED PERSONAL GUARANTEE AGREEMENT 2
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SIGNED PERSONAL GUARANTEE AGREEMENT 3
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SIGNED PROMISSORY NOTE 1
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SIGNED PROMISSORY NOTE 2
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SIGNED PROMISSORY NOTE 3
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EXPERIENCE WORKSHEET
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SCOPE OF WORK
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RENOVATION ARV
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WIRING INSTRUCTIONS
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SIGNED JV
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SIGNED HHA
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SIGNED OA
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HHA JV OA PN PG
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APPROVED LOAN DETAILS
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