Loan amount
$2,500,000
Loan type
As-Is Property Value
$4,750,000
LTV
53%
{LTV}
Property type
Residential development
Borrower Details
Credit score
770
Deal experience
25 deals
This loan scenario was submitted by a Broker
Property Details
State
Idaho
Loan Details
Additional Loan Information
Contract owned 5 acre property with development opportunities for 25 single family homes, with a potential profit of over 3 million dollars. I am the team builder with an experienced real estate agent and financial team currently have entire 20 acre block in contract to build on. I need the financial assistance to get the project started and my team will go from the first 5 acres to finish 20 acres. The area zoning is 25 homes per 5 acres. Currently in annexation process and have complete bids and financial plan as well as exit strategy planned out. Purchase price $310K. Loan provides capital for purchase and 10 homes. Timeline of 16 months. ARV $4.75M. For all 25 homes, ARV $9.5M. Property located in Post Falls, Idaho. Looking for a 2 year loan with with no prepayment penalty.
Status
Closed
Created
May 19, 2020 - 9:09am
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