Loan amount
$10,500,000
Loan type
Refinance {Cash-Out}
As-Is Property Value
$20,500,000
LTV
51% {LTV}
Property type
Vacant Land
Borrower Details
Credit score
780
Deal experience
5 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
New Orleans
State
Louisiana
Loan Details
Current mortgage balance
$6,000,000
How much cash-out are you looking for?
$4,500,000
Additional Loan Information
The client in New Orleans is looking for a bridge loan on commercial land that at one time was the site for the largest shopping center in Louisiana. The client has over $35MM invested into this property but the shopping center was wiped out by Hurricane Katrina due to flooding. He has the full support of the city in the rebuilding of this project. He will also be seeking funding for the construction loan as well, although that is in the $100MM range. Right now, he is looking for a loan of $10.5MM against an appraised value of $20.5MM with the purpose of paying off the first mortgage, then engaging engineers and architects to complete the plans to get the entitlements for the project, along with additional soft costs.
Status
Created
March 27, 2021 - 1:38pm

Hard Money Lenders Now Offering Real Estate Investor Loans in Louisiana New Orleans | Baton Rouge | Shreveport | Lafayette | Lake Charles | Bossier City Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans