Loan amount
$446,000
Loan type
Refinance
{Construction}
After Repair Value
$2,500,000
ARV
18%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
540
Deal experience
9 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Orofino
State
Idaho
Loan Details
Current mortgage balance
$346,000
Cost of improvements
$100,000
Estimated property value after repairs
$2,500,000
Additional Loan Information
Each goverment lot can be divided 4 times
There's 6 goverment lots
2 lots totalling 9 acres are spoken for by the surveyor to do all surveying and subdivision of the property.
There are 3 seperate tax lots, 45 acres, 80 acres and 124 acres.
My vision is to subdivide into 5-15 acre lots, cut in house pads, and run power to said lots. Widen and rock all roads. Conduct perc tests.
Dollars and cents
Current balance on all 3 parcels is $346K owner carried on a note for 30 years at 4.5%
The proposed dirt work cost is $250K which is me doing it for cost, including rock, fuel etc.
to run power to each lot is estimated at $250k total
The running total with these item's is $846,000
divided by the 22 lots (excluding the 2 for the surveyor) brings the cost of each lot to $38,454.54
Land is selling for $8k-$12K a acre around here with power only. I think with the driveway's cut in we could easily get $12k-$15k per acre. Bringing the total sale of said parcels to $2,880,000 - $3,600,000
Buyer's would be responsible for well's.
There's 6 goverment lots
2 lots totalling 9 acres are spoken for by the surveyor to do all surveying and subdivision of the property.
There are 3 seperate tax lots, 45 acres, 80 acres and 124 acres.
My vision is to subdivide into 5-15 acre lots, cut in house pads, and run power to said lots. Widen and rock all roads. Conduct perc tests.
Dollars and cents
Current balance on all 3 parcels is $346K owner carried on a note for 30 years at 4.5%
The proposed dirt work cost is $250K which is me doing it for cost, including rock, fuel etc.
to run power to each lot is estimated at $250k total
The running total with these item's is $846,000
divided by the 22 lots (excluding the 2 for the surveyor) brings the cost of each lot to $38,454.54
Land is selling for $8k-$12K a acre around here with power only. I think with the driveway's cut in we could easily get $12k-$15k per acre. Bringing the total sale of said parcels to $2,880,000 - $3,600,000
Buyer's would be responsible for well's.
Status
Open
Created
January 18, 2024 - 12:07pm
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