Land development loan

[David Kindopp]

I have a land development loan need

Highlights

$8,450,000 loan

As is MAI appraisal: $24,000,000+

As completed MAI appraisal: $33,000,000+

UOF: More infrastructure, costs and prepaid interest

Growth area

Term: 18 mos

Borrower in the property for about 25 years 

Borrower invested about $4,500,000 so far

Exit: Bond funding of $50,000,000+ approved and available in 12 to 18 mos. Lot sales.

Pretty decent package available.

Negative: Sponsor is averse to substantial due diligence fees.

David Kindopp

[e-mail]

916-507-9923

[Caroline Gerardo]

State? Is very rural?