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:
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