Loan amount
$8,800,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$17,630,000
LTV
50%
{LTV}
Property type
Vacant Land
Borrower Details
Credit score
700
Deal experience
30 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Rio Grande City
State
Texas
Loan Details
Current mortgage balance
$0
How much cash-out are you looking for?
$8,800,000
Additional Loan Information
This request is for a straight cash-out equity loan. Proceeds will be used for liquidity reserves associated with a 482-acre mixed-use commercial development. Subject property sits along a partially development boulevard with some utilities in place. Additionally, the property is in close proximity to a new State of Texas roadway project, SL 195. This is a highway bypass project that will increase traffic near subject. Property is within 2.5 miles of an international port of entry with Mexico. The development has favorable conditions for a $50 million municipal bond, which is being worked on. The requested loan term sought is 12 - 24 months, interest-only, non-recourse.
Status
Open
Created
January 18, 2023 - 1:23pm
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