Borrower requested a $110,000 loan to refinance a manufactured mobile home that sits on 1.69 acres in Zephyrhills, Fl. The borrower paid $210,000 for the property in 2022 and plans to build their new construction residential home on the land. The borrower plans to refinance in 30-90 days with a construction to permanent loan, using the closing funds to get past the slab stage to qualify for the loan.
Collateral:
Type: Fix and Lease
Description:
Borrower requested a $187,000 loan to purchase a single-family property in Plant City, Florida. The borrower paid $250,000 for the property in Plant City and has a $46,000 rehab budget planned. The property features 3 beds and 1 bath at 1,440 sq/ft sitting on a 5.04 acre lot. Borrower plans to lease the property as an annual rental after the renovation and refinance as an exit to the loan.
- Loan Amount: $187,000
- Term: 1 Year
- Date: March 2023