Loan amount
$800,000
Loan type
As-Is Property Value
$1,600,000
LTV
50% {LTV}
Property type
Development
Borrower Details
Credit score
670
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
Vermont
Loan Details
Additional Loan Information
We want to buy 52 beautiful wooded acres in Vermont with an existing house. We would live in the house and develop land, building 3-5 cottages as a retreat to rent weekly/monthly. We would live on property, manage the cottages and maintain the trails and land. Vermont's biggest industry is tourism and land is next to the Nordic Ski Trails. Purchase price $300K. Property is being sold by a friend. Appraised value of the property and land $410K. Not yet in contract. $800K loan covers purchase and development costs for the entire project. Hoping for full-financing. I have a rental property currently for sale that will free up $40K once sold; plus two other rental properties I own. Flexible on loan duration. We have a septic engineer ready to design layout for system and site for cottages near a stream if we access hydro-power. We have a local contractor ready to go with constructing cottages, one at a time. We could start construction maybe by mid-May, early June. Have cottages up by end of summer/early fall.
Status
Created
April 11, 2020 - 3:11pm

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