Borrower requested a $34,000 loan, to purchase a $58,000 fix and flip, manufactured mobile home in Lakeland, FL. The borrower is planning a $30,000 remodel which will include a new HVAC system, septic tank, exterior siding, and a complete cosmetic update of the home. The roof and foundation/subfloor are in good condition.
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