Borrower requested a $50,000 loan to purchase a manufactured mobile home in Lake Alfred, Florida. The property features 2 beds and 2 baths at 840 sq/ft. Borrower plans to renovate the property and then sell it 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