Borrower requested a $122,000 loan to purchase a single-family property in New Port Richey, Florida. The borrower paid $175,000 for the property and has a $10,000 construction budget planned, all cosmetic. The property features 2 beds and 1 baths at 1,011 sq/ft, estimated ARV of $225,000. Borrower intends to lease the property as an annual rental after the renovation before refinancing as an exit to the loan.
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $150,000 loan to purchase a manufactured property in Tampa, Florida. The manufactured home was built in 2017 and features 3 beds and 2 baths at 1,512 sq/ft sitting on a 1.24 acre lot. Borrower intends to refinance the loan.
- Loan Amount: $150,000
- Term: 1 Year
- Date: March 2023
