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:
Borrower is secured by four properties: a luxury condominium in Miami, FL; a single-family home in Roswell, GA; and two properties in Greenwood, SC—a commercial building and a single-family home. The borrower intends to refinance the loan using a DSCR (Debt Service Coverage Ratio) product.
- Loan Amount: $1,050,000
- Date: November 2024