Seeking a $1.5 Million loan (an approximate LTV of 2.4%) at 9% or less, secured by a 1st Trust Deed for 3 years (36 months).

The property is a 634-acre site located in the heart of the City of Rancho Mirage. The property received specific plan approval in 1993; however, the specific plan expired when the City updated its General Plan in 2005. Current land use and zoning designations allow for very low density residential (2 DU/AC), resort hotel and general commercial. The City requires a new specific plan for future development of the property and has expressed a willingness to eliminate the resort hotel requirement so long as an alternate revenue source equivalent to the forfeited transient occupancy tax is provided. Based on discussions with the City that require the entire property to be entitled with a single specific plan, owner/borrower desires to entitle the property and then to develop an exit strategy, which could range from a bulk sale to planning and/or installation of backbone infrastructure and delivery of super pads to builders.

Site Summary:

Location:              The property is bounded by Bob Hope Drive on the west. Monterey Ave on the  east, Gerald Ford Drive on the north, and Frank Sinatra Drive on the south.

Size:                       634.69 acres (approx.)

Zoning:                 Very Low Density Residential (2DU/AC) – approx. 435 acres; Resort & Hotel –   approx. 175 acres; General Commercial –approx. 25 acres

 

Please contact me at (858) 964-2502, if you can fund this loan.

Ward

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Hard Money Mike 443-838-9563

South Ft. Myers FL. Since 1971. fishermike50@gmail

all 50 states. JUST LIVING THE DREAM!

I will take a look...... 9%.does not work....... 14 to 15% for 24 months.

I will need executive summary, strong personal financial statement, plat, tri-merge credit report, Bio on principle and exit plan.

Thanks,

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