The borrower requested a $90,000 loan to refinance a manufactured home in Lakeland, Florida. The property features 2 beds and 2 baths at 1,248 sq/ft. The borrower plans to complete a $41,000 renovation to list the property for sale, with an estimated ARV of $225k+.
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