Loan amount
$4,000,000
Loan type
As-Is Property Value
$8,000,000
LTV
50%
{LTV}
Property type
Mixed use development
Borrower Details
Credit score
650
Deal experience
10 deals
This loan scenario was submitted by a Broker
Property Details
State
Florida
Loan Details
Additional Loan Information
The site is 95 acres and located in the city of Palm Coast, Florida. The site itself fronts on US 1 and is minutes from the ocean. Preliminary approval from city , the site is not fully entitled. The timeline for full entitlement is 1 year. Mixed-use site; Single-family homes, walk-up apartments, assisted living, retail and commercial, self-storage, retirement home. The exit will be to rezone the site and sell off the individual approved parcels to different builders/developers. As is value 6 million. Value once fully entitled, 25 million ($350K per developable acre). The total amount requested is $4M. To be advanced in stages as approvals are achieved. Initial draw $2M. 100% of the funds will be used to achieve the full entitlement of the site. I am a broker representing my client.
Status
Closed
Created
August 21, 2020 - 10:32am
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