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: Refinance
Description:
The borrower has requested an $850,000 loan for a multifamily quadplex located in Tampa, Florida. The property consists of two detached buildings, offering three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit totaling 1,596 sq. ft. One building features unregistered living space due to the conversion of a 2-car garage into a laundry room and additional living area. The borrower plans to refinance as an exit from the loan.
- Loan Amount: $850,000
- Date: October 2024