Loan amount
$1,700,000
Loan type
Purchase
{Construction}
After Repair Value
$6,000,000
{PP:$1,500,000}
ARV
28%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
750
Deal experience
3 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Hall County Georgia
State
Florida
Loan Details
Purchase price
$1,500,000
Down payment
$50,000
Cost of improvements
$250,000
Estimated property value after repairs
$6,000,000
Additional Loan Information
I write on behalf of a client seeking a $2.4M short term bridge-like loan. The property is valued at $2.8M+. The property is under contract and project financing for the property and development/construction of 82 homes has been arranged through a lender in the UK. The closing on the financing has been delayed due to the Coronavirus issues in the United Kingdom until a likely closing in April 2021. The lender will have a first mortgage on the property as well as documentation certifying the loan be retired upon closing (2-3 months maximum)
Status
Open
Created
March 22, 2021 - 11:42am
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