We need a short term bridge loan for 500,000 to 1,000,000 for the 463-unit senior housing and assisted living development in Barstow, CA
The purpose of the loan is for the purchase of 3rd parcel of the lot (36acres) for $276,000 valued at 1,085,000 (with seller’s cooperation), the remaining money will be used for the final development of getting full entitlement.
The subject property is three parcels of land, totaling over 117 acres upon which a portion of the 463-unit (86 acres) senior assisted living development will be constructed, and a regional shopping plaza constructed on the other portion for a total of 117 acres.
The Developer spent well over $2.8m to bring the project within 95% of full entitlement. Upon getting the full entitlement outstand loan will be paid back through construction loan $25million, which we have a commitment for.
Developer owns two parcels within subject property which can be cross collateralized against the project, valued at 1.5 and 1.8 million dollar.
If interested please contact me for more info. at 818-384-9072 or Boris@greenpointequity.com
If this were more northern CA I could offer my financing assistance, however, I don't have Investors who will do this much this for South.
But, I can recommend 3 other potential Lenders who I've sent business to in the past:
Steve Nicholl of Athas Capital Group. Ph: 619-488-2742 and email email@example.com
James Pierce of FMC Lending. Ph: 888-297-4440 and email firstname.lastname@example.org
Allen Lucas of Rodeo Capital. Ph: 310-575-2508 and email Lallen@rodeocapital.com
Hope one of them can help you!
Owner/Hard Money Broker - The Guy in the White Hat
Can you send me an executive summary please