Borrower requested a $42,000 loan to purchase a manufactured home in Brooksville, Florida. The borrower paid $60,000 for the property and has a $25,000 construction budget planned. The property features 3 beds and 2 baths at 736 sq/ft. Borrower plans to lease the properly as an annual rental after the renovation.
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