Loan amount
$1,599,500
Loan type
Purchase
{Construction}
After Repair Value
$3,400,000
{PP:$1,869,250}
ARV
47%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
680
Deal experience
16 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Bertram
State
Texas
Loan Details
Purchase price
$1,869,250
Down payment
$500,000
Cost of improvements
$230,000
Estimated property value after repairs
$3,400,000
Additional Loan Information
Bertram Meadows
This project is 74.7 acres located in Bertram, TX. We are looking to subdivide this one into thirty seven two acre lots. It will need to be platted through Burnet county. We have a surveyor/engineer working with us to obtain a final plat. It will take a few months for the process to be complete. The plat is expected to be completed late first quarter of 2022. This project will have either hammer heads or cul de sacs that the lots will come off of. We are in a 60 day option period right now that ends November 20th. We will close 30 days after the option period ends which will be December 20th. The project will be approved for wells and septic. PEC is the electric transmission and distribution service provider in the area. There are lines on the property that extend across the back half. We will be working with PEC to ensure each lot has access to electric lines. I have a link below that will show you the Burnet CAD map of the property with a hand drawn layout to give you a basic idea of how the lots would lay out. We are working with a surveyor to obtain a concept for this one by the end of the month.
This project is 74.7 acres located in Bertram, TX. We are looking to subdivide this one into thirty seven two acre lots. It will need to be platted through Burnet county. We have a surveyor/engineer working with us to obtain a final plat. It will take a few months for the process to be complete. The plat is expected to be completed late first quarter of 2022. This project will have either hammer heads or cul de sacs that the lots will come off of. We are in a 60 day option period right now that ends November 20th. We will close 30 days after the option period ends which will be December 20th. The project will be approved for wells and septic. PEC is the electric transmission and distribution service provider in the area. There are lines on the property that extend across the back half. We will be working with PEC to ensure each lot has access to electric lines. I have a link below that will show you the Burnet CAD map of the property with a hand drawn layout to give you a basic idea of how the lots would lay out. We are working with a surveyor to obtain a concept for this one by the end of the month.
Status
Open
Created
October 26, 2021 - 2:22pm
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