Loan amount
$227,000,000
Loan type
Refinance
{Construction}
After Repair Value
$900,000,000
ARV
25%
{ARV}
Property type
Other Commercial
Borrower Details
Credit score
790
Deal experience
11 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Branson
State
Missouri
Loan Details
Current mortgage balance
$7,000,000
Cost of improvements
$220,000,000
Estimated property value after repairs
$900,000,000
Additional Loan Information
Resort Developement:
For this $385 million resort development, we are looking for a loan of $220 million (57% of budget) to $265 million (69% of budget). Construction loan that converts to a mini-perm for 3-5 years after resort opening, after which we will place a perm loan on the property. Annual interest rate in the range of 4.5 – 5%, with interest only during construction and for one year after opening, then amortizing over 25-30 years. Prefer non-recourse, other than usual triggers for recourse.
For this $385 million resort development, we are looking for a loan of $220 million (57% of budget) to $265 million (69% of budget). Construction loan that converts to a mini-perm for 3-5 years after resort opening, after which we will place a perm loan on the property. Annual interest rate in the range of 4.5 – 5%, with interest only during construction and for one year after opening, then amortizing over 25-30 years. Prefer non-recourse, other than usual triggers for recourse.
Status
Closed
Created
August 24, 2022 - 12:41pm
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