Borrower requested a $75,000 loan to purchase a manufactured home in Lakeland, Florida. The borrower paid $117,900 for the property and has a $27,500 construction budget planned. The property features 3 beds and 1 baths at 1,440 sq/ft. Borrower plans to lease the property for as an annual rental after the renovation and refinance as an exit to the loan.
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