Loan amount
$1,500,000
Loan type
As-Is Property Value
$3,000,000
LTV
50%
{LTV}
Property type
Residential development
Borrower Details
Credit score
680
Deal experience
50 deals
This loan scenario was submitted by a Broker
Property Details
State
Ohio
Loan Details
Additional Loan Information
25 acre 29 high-end empty nester development in Galena, Ohio; high end suburb of Columbus. The land is zoned and ready to be developed into 29 empty nester homes; value $650-800K. Of the 29 lots, we already have 7 reserved lots of the 29 lots with homeowners. A custom builder has been selected and will build exclusive all 29 units and share 50/50 with me on the profit of each home. Need $1.5 million to take out current land lender or $4 million for both the land and infrastructure cost. Profit from land development and building profits is in excess of $3 million.
Status
Closed
Created
July 9, 2020 - 2:30pm
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