Borrower requested a $110,000 loan to purchase a $190,000 property in Homosassa, FL that includes a 1.64 acres featuring 5 manufactured mobile homes. All 5 units are currently leased for a combined $2,275/month, and the borrower is planning minor repairs and updates estimating around $5,000-$7,000 per unit. This purchase includes an additional parcel that was not in the previous $115,000 sale in 2020.
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