Loan amount
Loan type
As-Is Property Value
0% {LTV}
Property type
77 acre former golf course being redeveloped into freeway frontage commercial and single family lots
Borrower Details
Credit score
Deal experience
200 deals
This loan scenario was submitted by a Broker
Property Details
Loan Details
Additional Loan Information
77 acre former golf course being redeveloped. 6.4 acre commercial tract valued at $3.5 million can be sold after re-platting (about 6 months). There will be 155 single family lots that are under contract @ $66,000 each to two large regional builders with Earnest money of $350,000 each to be released to us upon closing of this transaction. This is being purchased from a bank who acquired it via foreclosure. The bank wants it off their books by year end but we have a closing date set for 11/25. This is only available since our current lender's lawyer has at the last minute required an ALTA survey which will take about 6 weeks. There are previous surveys and plats so it is not an unknown quantity. Our contract with the bank is $2,150,000
November 13, 2020 - 1:11pm

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