Request: Borrower is seeking a refi on commercial land in Charleston, SC.
Details: Prime 15 acres of commercial land in Charleston, SC. The borrower purchased the land and successfully completed the re-zoning and annexation process with the city. Engineering and surveys already completed. The land is now ready for commercial construction.
Existing mortgage: $7,200,000
Value: Just a 3 acre portion of the land appraised for $3M in January 2020.
Refi reason: Borrower need time to finalize take-out construction with the bank. Already working with a bank, but needs more time due to the temporary coronavirus impact on the banking industry.