Borrower requested a $36,000 loan to purchase a manufactured mobile home, fix and flip property in Hudson, Florida. The property was purchased for $60,000 and the borrower has a $25,000 cosmetic remodel planned including a full kitchen & bathroom remodel along with paint and flooring and more. Borrower plans to complete the remodel and sell for a profit.
Collateral:
Type: Refinance
Description:
Borrower is secured by four properties: a luxury condominium in Miami, FL; a single-family home in Roswell, GA; and two properties in Greenwood, SC—a commercial building and a single-family home. The borrower intends to refinance the loan using a DSCR (Debt Service Coverage Ratio) product.
- Loan Amount: $1,050,000
- Date: November 2024