Borrower requested a $95,000 loan to purchase a manufactured home in Gibsonton, Florida. The borrower paid $145,000 for the property and has a $20,500 construction budget planned, primarily cosmetic. The property features 3 beds and 3 baths at 1,428 sq/ft. Borrower has plans to sell this property for a profit as an exit to the loan.
Collateral:
Type: New Construction
Description:
This is a $255,000 new construction loan request for a duplex located in Lake Wales, FL. The proposed duplex will consist of two units, each featuring three bedrooms, two bathrooms, and approximately 1,005 square feet of living space, totaling six bedrooms, four bathrooms, and 2,010 square feet of combined living space. Borrower’s refinancing strategy is designed to manage debt and cash flow based on rental income.
- Loan Amount: $255,000
- Date: June 2025
