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:
The borrower has requested a $168,000 loan to refinance a single-family property in Orlando, Florida, owned free and clear. This 950 sq. ft. property features 3 bedrooms, 1 bathroom, and a carport. The capital from this refinance will be used to purchase and rehabilitate another investment property, further expanding the borrower’s portfolio. The borrower plans to exit the loan through a DSCR refinance.
- Loan Amount: $168,000
- Date: October 2024