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: Refinance
Description:
The borrower has requested an $850,000 loan for a multifamily quadplex located in Tampa, Florida. The property consists of two detached buildings, offering three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit totaling 1,596 sq. ft. One building features unregistered living space due to the conversion of a 2-car garage into a laundry room and additional living area. The borrower plans to refinance as an exit from the loan.
- Loan Amount: $850,000
- Date: October 2024