Loan amount
$200,000
Loan type
Refinance {Construction}
After Repair Value
$600,000
ARV
33% {ARV}
Property type
Vacant Land
Borrower Details
Credit score
500
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Lakeview
State
Oregon
Loan Details
Current mortgage balance
$105,000
Cost of improvements
$95,000
Estimated property value after repairs
$600,000
Additional Loan Information
30 acres already subdivided into 7 blocks. 1 block is already in the city limits and ready to pull permits. 6 blocks are in the UGB and need a letter application to move the property into the city. We want to make 20 acres into a Modular Dwelling Park (MDP) where we can have up to 12 homes per acre. The other 10 acres is zoned commercial. Residential lots sell for $7 to $8,000 each and once moved into the city there are over 300 lots as currently laid out by the City of Lakeview. The city is growing and has never had a gated community which is where we'd like to end up. This is basically a bridge loan to move us along. The current mortgage is with a private party with no lot release program so we have to get the first mortgage paid off and we can start selling lots that are already in the city. We can either sell them or under a MDP, we can rent them a space. Final estimated value is over $7 million based on cash flow at 10% cap rate not counting the commercial property. Property taxes show 4 city lots FMW of $26,600. Thank you for considering, Jay
Status
Created
January 14, 2021 - 8:20am

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