Borrower requested a $200,000 loan to purchase a manufactured property in Plant City, Florida. The borrower additionally pledged another property in Plant City, owned free and clear as collateral to the loan. Borrower plans to lease the property as an annual rental after the renovation and refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
This is a $100,000 refinance loan request at 50% loan-to-value (LTV), secured by a Lake Worth, Florida condominium unit. The property has two bedrooms, two and a half bathrooms, and approximately 1,500 square feet of living space. Borrower plans to complete the renovation and exit the loan through a conventional property sale.
- Loan Amount: $100,000
- Date: June 2025