Loan amount
$3,500,000
Loan type
Refinance
{No Cash-Out}
As-Is Property Value
$48,776,000
LTV
7%
{LTV}
Property type
Vacant Land
Borrower Details
Credit score
800
Deal experience
10 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Marion
State
South Carolina
Loan Details
Current mortgage balance
$3,500,000
Additional Loan Information
My Client, an experienced builder, has a project that is pre-approved for 1830 Homes, 406 Multifamily Townhomes, 957 condos, and 675,000 Sq Ft of Commercial space. All permits are in hand for Phase 1, and all engineering is paid for and ready to bid out for site work, Commercial space has a verbal from Immediate Care, Supermarket, Pharmacy, Fast Food, and a BBQ Restaurant.
The is a current BPO with a value of $48,776,000.
We are looking for a $3,500,000 short-term first-position loan to take out Avatar
220 residential lots have been sold to DR Horton and they will sign the contract, pay upfront a % of the sale and start construction.
Mr. Hartmann has the option to build the remaining homes himself or continue to sell lots to DR Horton.
Need a fast close based upon a BPO
The is a current BPO with a value of $48,776,000.
We are looking for a $3,500,000 short-term first-position loan to take out Avatar
220 residential lots have been sold to DR Horton and they will sign the contract, pay upfront a % of the sale and start construction.
Mr. Hartmann has the option to build the remaining homes himself or continue to sell lots to DR Horton.
Need a fast close based upon a BPO
Status
Open
Created
February 1, 2023 - 3:42pm
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