Borrower requested a $78,000 loan to purchase a manufactured mobile home property in Hudson, Florida. The borrower paid $157,000 for the property and has a $40,000 construction budget planned. The property is on stilts, raised out of the flood zone per new county code. Borrower plans to lease this property as a short term rental after the renovation is complete.
Collateral:
Type: New Construction
Description:
This is a $260,000 new construction loan request on a duplex located in Port Charlotte, FL, with an initial disbursement of $60,000 at closing. Upon completion, the property will consist of two units, each featuring 3 bedrooms, 2 bathrooms, 1,247 square feet of living space, and a 1-car garage. The borrower intends to refinance the property as the primary exit strategy.
- Loan Amount: $260,000
- Date: August 2025
