Loan amount
$3,831,500
Loan type
Purchase
{Construction}
After Repair Value
$5,400,000
{PP:$551,500}
ARV
71%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
790
Deal experience
7 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Denham Springs
State
Louisiana
Loan Details
Purchase price
$551,500
Down payment
$820,000
Cost of improvements
$4,100,000
Estimated property value after repairs
$5,400,000
Additional Loan Information
In Denham Springs, LA, a 23-acre property on Meadowbrook Blvd is to be subdivided into 70 lots. Building packages are to be marketed once the infrastructure is nearing completion.
The property in question is already under contract at $551,500.
Each resulting lot will have an expected valuation of $77,000.
The development cost for this project is estimated at $4.1M.
The resulting portfolio would be valued at ~$5.39M.
Upon completion of the project, we plan to offer building packages in the range of $220-$265K.
The horizontal phase of the project is estimated to take 9-12 months, with an additional 12-14 months estimated to complete the construction of the resulting 70 homes.
We expect rapid absorption based on the current market and lower-end price point (likely before infrastructure is complete).
The subdivision plat for this project has been designed and been preliminarily approved by the city, with all required entitlements in place.
Once funding is solidified, construction can commence immediately after closing.
This project is 100% shovel-ready.
The property in question is already under contract at $551,500.
Each resulting lot will have an expected valuation of $77,000.
The development cost for this project is estimated at $4.1M.
The resulting portfolio would be valued at ~$5.39M.
Upon completion of the project, we plan to offer building packages in the range of $220-$265K.
The horizontal phase of the project is estimated to take 9-12 months, with an additional 12-14 months estimated to complete the construction of the resulting 70 homes.
We expect rapid absorption based on the current market and lower-end price point (likely before infrastructure is complete).
The subdivision plat for this project has been designed and been preliminarily approved by the city, with all required entitlements in place.
Once funding is solidified, construction can commence immediately after closing.
This project is 100% shovel-ready.
Status
Open
Created
April 15, 2022 - 11:01pm
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