Borrower requested a $125,000 loan to purchase a manufactured property in Wesley Chapel, Florida. Additionally, the borrower is pledging a free and clear, additional manufactured home that is in the same neighbourhood. Both properties feature 3 beds and 2 baths, one at 1,352 sq/ft and the other at 1,008 sq/ft. Borrower plans to refinance as an exit to the loan.
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