Loan amount
$13,500,000
Loan type
Refinance
{Cash-Out}
Property value
$80,000,000
LTV
17%
{LTV}
Property type
Vacant Land
Credit score
700
Deal experience
20 deals
This loan scenario was submitted by a Broker
Yes
State
Texas
Current mortgage balance
$0
Additional Loan Information
It's a 71 acre parcel that we will be building on. We are planning 2 multi-family apartment towers, a large music venue, hotel, restaurant, retail etc...
It's been appraised at $22.7MM as residential and $81MM as a commercial site (which is what we are doing).
We are looking for a $13.5MM loan to take out a previous note. Property was purchased in Sept 2019 for $36MM ($18MM cash, $18MM equity in the future project).
Our exit is in 2021 when we start to raise equity for the project.
It's been appraised at $22.7MM as residential and $81MM as a commercial site (which is what we are doing).
We are looking for a $13.5MM loan to take out a previous note. Property was purchased in Sept 2019 for $36MM ($18MM cash, $18MM equity in the future project).
Our exit is in 2021 when we start to raise equity for the project.
Status
Open
Created
December 8, 2020 - 4:27pm
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