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: 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