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 $425,000 loan to begin construction on a single-family property in Lakeland, Florida. The property will feature 4 beds and 3 baths at 3,727 sq/ft. The target sale price for the completed property is estimated $1.1 million.
- Loan Amount: $425,000
- Date: September 2024