Borrower requested a $65,000 cash out refinance loan, pledging a recently purchased and renovated manufactured mobile home property in Lakeland, Florida as collateral. The property was purchased in September 2021 for $117,400, and is currently in the middle of a renovation in which the borrower has spent $40,000 of a $55,000 total rehab budget since the purchase.
Collateral:
Type: New Construction
Description:
Borrower requested a $165,000 new construction refinance for a single-family home located in Lake Wales, FL. The property is designed as a three-bedroom, two-bathroom home with a two-car garage, totaling 1,333 square feet. The borrower’s exit strategy is to refinance into a DSCR loan once the property reaches certificate of occupancy.
- Loan Amount: $165,000
- Date: May 2025