Here is a land finance deal for your consideration
Low loan vs. value · Short term · High return
19 Acres in OHIO
Appraised value $1.3 Million currently without development
Land owned free & clear of liens/mortgages
The loan will be used to cover the drawings, approvals and engineering necessary to approve the subdivision that is already pre-approved for financing once the pre-development is completed.
Appraisals provided. Lender may choose a review appraiser at the expense of borrower.
-12 Months term (borrower may only need 6 months)
-Lender shall receive 12% amortized over 1 year
-Lender shall receive $30,000.00 fee that shall be added to the loan
All closing costs shall be paid by borrower out of loan proceeds. No cash from borrower, all costs rolled into loan
Projected loan amount: $440,000
First position Lien for loan
We would like a bridge loan of $440k to start the initial stages in preparation for a development of SF cluster homes and get the 19.20 acre property located in Parma, Ohio “shovel ready”. Land valued at $1.2m-$1.4m by 2 prior appraisals and a BPO (all available) and will be utilized as collateral for loan.. Exit strategy is after 12 mos. and phase 1 is completed, borrower will obtain construction financing and will also begin pre-construction sales.
The loan shall be in the name of the LLC that owns the land free & clear and the borrower will also personally guarantee the debt.
Total project development after loan is approx.. $10 mil. and will be determined during pre-development phase.
Please advise of any interest. Additional information to follow.