Loan amount
$630,000
Loan type
Refinance {No Cash-Out}
As-Is Property Value
$965,000
LTV
65% {LTV}
Property type
Vacant Land
Borrower Details
Credit score
750
Deal experience
11 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Wilder
State
Idaho
Loan Details
Current mortgage balance
$630,000
Additional Loan Information
I am a broker... My Client purchased 76 acres of vacant land on 6/4/21 with the intention/plan to subdivide the property and build 12 SFR Homes. They are currently working on the Entitlement phase of the project. When they purchased the property in 2021, the Seller financed the purchase for my client, yet is now asking if possible to cash out of the transaction to fund his retirement. So, my client needs a short term 'Bridge' type loan to get him through the entitlement phase of the project, at which point they will utilize a ground up construction loan to pay off this 'Bridge' Loan I am requesting for them.

Thank you!
Status
Created
August 29, 2022 - 6:35pm

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