Loan amount
$18,000,000
Loan type
Refinance
{Construction}
After Repair Value
$50,000,000
ARV
36%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
815
Deal experience
20 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
RIO GRANDE CITY
State
Texas
Loan Details
Current mortgage balance
$0
Cost of improvements
$18,000,000
Estimated property value after repairs
$50,000,000
Additional Loan Information
1. Seeking $18mm = 33%LTV
2. 213 acres of Land worth $92mm
3. Property is free and clear
4. Property is fully entitled = shovel ready
5. In the great state of Texas
6. 24 months I/O
7. Use of funds – Complete conceptual, site and architectural development plans. Install Phase 1 and Phase 2 of sewer along dedicated boulevard
8. Adjacent to highways
9. Estimated project wide construction cost is $980mm with a stabilized value of $4.6bb (income and capital appreciation combined
10. No competing developments in the region
11. Many other pluses to the area
12. Mixed use - commercial, retail, residential, hospitality. Entertainment green space
13. BPO from 7-7-2020
14. County approved
15. Booming area
16. Experienced real estate and land developer since 1978
17. Contact me for all the details include extensive resume’
18. Exit strategy ,start going vertical and the pre-sale phase will start, at that moment we will be refinancing the debt will be paid off with the pre-sales and the refinancing,”
2. 213 acres of Land worth $92mm
3. Property is free and clear
4. Property is fully entitled = shovel ready
5. In the great state of Texas
6. 24 months I/O
7. Use of funds – Complete conceptual, site and architectural development plans. Install Phase 1 and Phase 2 of sewer along dedicated boulevard
8. Adjacent to highways
9. Estimated project wide construction cost is $980mm with a stabilized value of $4.6bb (income and capital appreciation combined
10. No competing developments in the region
11. Many other pluses to the area
12. Mixed use - commercial, retail, residential, hospitality. Entertainment green space
13. BPO from 7-7-2020
14. County approved
15. Booming area
16. Experienced real estate and land developer since 1978
17. Contact me for all the details include extensive resume’
18. Exit strategy ,start going vertical and the pre-sale phase will start, at that moment we will be refinancing the debt will be paid off with the pre-sales and the refinancing,”
Status
Closed
Created
April 5, 2021 - 1:19pm
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