Loan amount
$10,000,000
Loan type
As-Is Property Value
$47,000,000
LTV
22%
{LTV}
Property type
Residential development
Borrower Details
Credit score
700
Deal experience
100 deals
This loan scenario was submitted by a Broker
Property Details
State
California
Loan Details
Additional Loan Information
190-Unit shovel ready project. Need a senior loan refinanced for a short term - with take out in place. Multifamily affordable. we seek to start development next week. About 25-Units completed and possession granted by May 1, 2021, and whole project finished by end of 2021. GMax and fully bonded; 8.1 acres of land in Richmond, CA. 100% Affordable Complex, LEED Gold with MaaS provided; Tax-Exempt Bonds for Private Activity in the sum of $79.7mm approved – RBC Bank as Underwriter, Wilmington Trust as Trustee, PNC Bank as DUS Lender; FNMA Guarantee for such Bond expected December 2020 and Funding of Bonds expected January 2021.
I am the client and the Owner of the property and run a 43-year National footprint Developer, Owner and Operator of CRE in almost every state in the US.
I am the client and the Owner of the property and run a 43-year National footprint Developer, Owner and Operator of CRE in almost every state in the US.
Status
Closed
Created
September 3, 2020 - 10:04am
Hard Money Lenders Now Offering Real Estate Investor Loans in California Los Angeles | San Diego | San Jose | San Francisco | Fresno | Sacramento Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans