Borrower requested a $42,000 loan to purchase a manufactured home in Brooksville, Florida. The borrower paid $60,000 for the property and has a $25,000 construction budget planned. The property features 3 beds and 2 baths at 736 sq/ft. Borrower plans to lease the properly as an annual rental after the renovation.
Collateral:
Type: New Construction
Description:
This is a new construction loan for a single-family residence to be developed in Plant City, Florida. The proposed structure will feature six bedrooms, six bathrooms, and a two-car garage, totaling approximately 3,664 square feet. The primary exit strategy is to sell the completed property.
- Loan Amount: $460,000
- Date: April 2025