Borrower requested a $615,000 loan to purchase five villas in Springhill, Florida. The borrower is paying $590,000 for the package of properties and has a $50,000 construction budget planned total. Each villa features 2 beds and 2 baths at roughly 972 sq/ft. Additionally, the borrower is collateralizing two rental properties, owned free and clear. A manufactured mobile home remodelled and renting for around $1,200/month and a SFR remodelled and rented for $1,375/month. Borrower plans to lease the properties as annual rentals after the renovation and refinance as an exit to the loan.
Collateral:
Type: Refinance
Description:
This request is for a $110,000 refinance loan secured by a single-family residence located in Palmetto, Florida. The subject property was built in 2001 and consists of a 3-bedroom, 2-bathroom home with 1,060 square feet of living area and a one-car garage. Borrower will refinance as the loan’s exit strategy.
- Loan Amount: $110,000
- Date: January 2026
