Loan amount
$11,000,000
Loan type
Refinance
{Construction}
After Repair Value
$25,000,000
ARV
44%
{ARV}
Property type
Other Commercial
Borrower Details
Credit score
670
Deal experience
130 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Perry
State
Florida
Loan Details
Current mortgage balance
$0
Cost of improvements
$11,000,000
Estimated property value after repairs
$25,000,000
Additional Loan Information
Please read carefully and let me know if there is interest on this deal below.
Take-out loan of $23 million in place
Project is a build and sell.
We need up to 3 million to be permit ready.
I have a client who is seeking financing for the development of a 35 home community in Perry Florida.
Please see a brief description of this project and let me know if it can be of potential interest.
1...Project name:
2...Project Location: Perry Florida
3...Land size: 55 acres
4...Land status: Land was acquired in May 2023
5...Land acquisition costs: $600k
6...Total number of lots: 35
7...Principal cash in so far: $950K
8..Price per home: From $550K-$850K ( No Pre-Sales as of yet)
9.. Total numbers of homes: 35
10. Funding requested: $8 million USD ( complete horizontal and build first 5 model homes)
3 Million is needed immediately to bring the project to permit ready.
THEY DO NOT HAVE HORIZONTAL PERMITS IN HAND AS YET.
11..Use of funds: Complete horizontal development and build the first 5 model homes
Take-out loan of $23 million in place
Project is a build and sell.
We need up to 3 million to be permit ready.
I have a client who is seeking financing for the development of a 35 home community in Perry Florida.
Please see a brief description of this project and let me know if it can be of potential interest.
1...Project name:
2...Project Location: Perry Florida
3...Land size: 55 acres
4...Land status: Land was acquired in May 2023
5...Land acquisition costs: $600k
6...Total number of lots: 35
7...Principal cash in so far: $950K
8..Price per home: From $550K-$850K ( No Pre-Sales as of yet)
9.. Total numbers of homes: 35
10. Funding requested: $8 million USD ( complete horizontal and build first 5 model homes)
3 Million is needed immediately to bring the project to permit ready.
THEY DO NOT HAVE HORIZONTAL PERMITS IN HAND AS YET.
11..Use of funds: Complete horizontal development and build the first 5 model homes
Status
Open
Created
December 20, 2023 - 11:07am
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