Loan amount
$5,600,000
Loan type
As-Is Property Value
$8,000,000
LTV
70%
{LTV}
Property type
Single family development
Borrower Details
Credit score
685
Deal experience
60 deals
This loan scenario was submitted by a Broker
Property Details
State
Texas
Loan Details
Additional Loan Information
My client has a development in Harlingen, TX with 117 parcels ready to build on. He needs a loan for $5.6mm and the project appraised for $8mm 2 years ago. He needs the loan to be structured so he can pay back the loan using release prices. He owes $4.6 presently and that note has matured and they will not do release prices. The additional $1mm will be used to build the first 6 houses and pay all loan fees. He is proposing to back $100k per home and use the rest to keep building homes (the homes will sell between $265-275k). He needs a loan for between 26-30 months depending on how much interest the investor wants. He will be able to build and sale 6 homes every 2 months and that will pay the investor $600k every 2 months. I am a broker representing my client.
Status
Closed
Created
March 4, 2020 - 9:58pm
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