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Dbroker
75 Posts |
 Posted - 01/06/2008 : 6:58:09 PM
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I've been working on this loan for awhile now, and still have had no luck. Any advice would be much appreciated. I'm particularly looking for the right hard money lender to send it to.
Scenario:
Subject property is located in MARYLAND
Property is 173 acres
Owner occupied
Must be no income/no assett. My borrower and his wife are both self-employed through the winery that they own and are developing on the land.
Currently has a $1mm loan on the property
Looking for as high of an LTV as possible for cashout
Just finished an MAI appraisal that came back at $2,875,000, HOWEVER, the appraiser did not take into account the fact that my borrower has already sold four 1-acre lots for $115,000 a piece in 2006 (we have receipt for proof of sale), and he's hoping to subdivide 38 more lots over the next 1-2 years. With the subdivision potential in mind, the land is worth over $4mm...
the cash out is to consolidate debt, fund the subivision, and plant grapes for the vinyard that he's developing on the property
newly renovated 6000+ sq ft SFR located on the property
Vinyard and winery being developed on the property. 8 acres of grapes already planted, and about 50 more acres to go.
I can provide all necessary information, including credit reports, exit strategy, MAI appraisal (though the file is so large, I'm waiting on the appraiser to break it up into two files so that it can be emailed), financial statements, etc. My client wants to close asap.
I've spoken with at least 12 hard money lenders, and the farthest we've gotten is one lender might do it, but we have to get a phase I environmental and a new survey, which will take about a month and around $4000 between the two. And then they're probably only going to go 55%...
Any help would be much appreciated. Thanks!
Dimitri |
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mwgreco
1164 Posts |
Posted - 01/06/2008 : 8:37:48 PM
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| Hey Dimitri, Give me a buzz tomorrow |
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mmnfinancial
310 Posts |
Posted - 01/07/2008 : 10:52:39 AM
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| 50-55% is all I have seen on hard money land/lot loans. Let me know if you find anyone. I have a few lot I need to refi. They are all at the 50%v limit now. |
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apaone
144 Posts |
Posted - 01/07/2008 : 1:56:24 PM
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Anthony Paone Prime Meridian Management 631-427-0213 ext.101 I am a broker with connections in NY who have access to multiple funders domestic and international as well as my own funder. Please give me a call at your leisure as I look forward to doing business with you. Thank You
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Daniele
80 Posts |
Posted - 01/10/2008 : 6:14:06 PM
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| I can get it done for you give me a call at 8453236258 or email me at danieleckhouse@gmail.com |
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