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
Status
Created
December 20, 2023 - 11:07am

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