Borrower requested a $135,000 loan to purchase a single-family property (including an additional empty lot) in Spring Hill, Florida. The borrower paid $193,000 for the property and has a $57,000 construction budget planned, which includes adding a new manufactured home on the vacant lot. The property features 3 beds and 1 bath at 906 sq/ft. Borrower will be performing all of the renovations himself and plans to sell the property once the renovations are completed as an exit to the loan.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025