Loan amount
$15,000,000
Loan type
As-Is Property Value
$40,000,000
LTV
38%
{LTV}
Property type
Residential development
Borrower Details
Credit score
700
Deal experience
20 deals
This loan scenario was submitted by a Broker
Property Details
State
California
Loan Details
Additional Loan Information
4300 single family homes to be built in phases and rented out. Rental rates 20% below anything within 1 hour. Property located in Victorville, CA, in the Apple Valley. The first phase of 1083 lots has been partly serviced and the lender to date has invested 26 million of his own money into the project. $6,750.000 current debt and the balance would go toward servicing, fees, interest reserve and any balance to start building some homes. 8 phases totaling over $600,000,000. Once roughly 100 homes are built they get rented and refinance by a local bank then the next phase starts. I am a broker representing my client.
Status
Closed
Created
January 13, 2020 - 5:49pm
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