Loan amount
$0
Loan type
As-Is Property Value
$1,246,000
LTV
0%
{LTV}
Property type
Mixed use development
Borrower Details
Credit score
750
Deal experience
30 deals
This loan scenario was submitted by a Broker
Property Details
State
California
Loan Details
Additional Loan Information
20 acres. Mixed Used Development with boutique hotel, shops, cafes, hydroponic farm and roughly 90 residential units in Penn Valley, California. The property is designed as the Village Core in the new Penn Valley Area Plan (Nevada County, California). Recent commercial appraisal indicates the current property value is $1.246 million which will elevate to $3.67 million with entitlements, estimated to take 24 months. Current debt is only $127,400 due in July 2021, but owner is willing to carry and subordinate $52,000. Will consider a debt/equity scenario. Funds are to advance the planning process for the Creekside Crossing Project and acquire and develop 6 acre Village Farm in Penn Valley. Money will be used for the engineering and entitlement process which will elevate the value of the property by over $2.4 million in 24 months (+/-) while the Village Farm will generate income quickly from sale of 24 houses. Estimated profits $500,000. 36 month loan duration preferably with no prepayment penalty.
Status
Closed
Created
October 1, 2020 - 12:09pm
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