Borrower requested a $100,000 loan to purchase a manufactured home property with .37 acres, 2 blocks off of a lake in Land O Lakes, Florida. The borrower paid $197,500 for the property and has a $75,000 construction budget planned. The borrower plans to renovate the existing manufactured home, install another manufactured home on the property and rent both units out as short-term vacation rentals.
Collateral:
Type: Fix & Flip
Description:
Borrower requested a $142,000 loan to purchase a single-family property in Weeki Wachee, Florida. The property features 3 beds and 2 baths at 1,516 sq/ft sitting on a 8,800 sq/ft lot. Borrower plans to list the property for sale after the renovation as an exit to the loan.
- Loan Amount: $142,000
- Date: May 2023
