Borrower requested a $85,000 loan to purchase/refinance a manufactured mobile home property in Lakeland, Florida. The borrower purchased the property in 2015 for $128,000 and needs to correct the purchase/deed transfer. The property is currently tenant occupied and renting for $1,600 a month. Additionally, there are 4 storage structures on the property.
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