Is there anyone out there that can do a loan on 25 remaining lots in a 49 lot subdivision on ocean view property in Panama?
1. Wholesale value of property including a house and guest house plus a commercial lot estimated to be $2.2 Million. Retail value over $3 Million
2. Loan Amount Requested - $250,000 to $500,000
3. LTV - under 25%
4. Use of funds - pay off existing loan, improve roads, improve lots, prepay interest, marketing expenses and reserves.
5.Exit Strategy - Sell lots to 2nd home buyers and primary home buyers to build homes or sell entire subdivision. IMPORTANT NOTE: Of the 24 lots sold, about 14 have homes built on them already.
6. Time frame to get funded - Loan must be funded by June 5, 2017
Property is in Morrillo Beach, a growing area 5 hours from Panama City, Panama, with fantastic ocean views and only 2 miles or less to Morrillo Beach, a popular surf destination where International competitions have been held recently. See attached files and visit the links below to learn more about the area.
1. Morrillo Beach - http://morrillopanama.com/
2. Surf Hostel - http://villaventosurfhostels.com/Hostal/About-the-hostel/8/Morrillo/2
3. Project 20 miles further away - .http://www.losislotes.com/
Borrower is property rich and cash poor, and has spent his money recently on health problems.
Contact me ASAP by email at firstname.lastname@example.org or