Borrower requested a $200,000 loan to purchase a 10-acre property that features a manufacture mobile home, horse farm and barn in Lithia, Florida. The borrower paid $400,000 for the property and has plans to build a new construction home with a $250,000 budget on the property. The borrower is a repeat client with DKC Lending.
Collateral:
Type: Refinance
Description:
This is a $400,000 refinance loan request for a quadplex in Treasure Island, FL, which the borrower owns free and clear. The property consists of four one-bedroom, one-bathroom units, each measuring 527 square feet, for a total living space of 2,108 square feet. Borrower plans to make monthly interest payments using the property’s cash flow and available reserves.
- Loan Amount: $400,000
- Date: March 2025