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adrianwebb

3 Posts
Posted - 03/28/2008 :  07:45:47 AM

I have a deal that I need some help on, Owner builder, lots of experience.

Current construction lender pulling loan, he just needs money to finish project.


Loan Type Construction Loan

Completed Value $3.5 Million (Just had appraisal done)

Current Lien $1.5 Million (Construction loan pulled financing)

Cash In $450K

New Loan $2.3 Million (Pay off first and 800K to finish building)

LTC 80%

LTV 65%

Credit 660

Income SISA (Dumped all his assets into the project in the last couple of months)

Exit Strategy Listing upon completion – Great comps – In Seattle/Madrona

Rate / Term Is willing to pay hard money

Has another property he can use as cross collateral. In a upscale area of Seattle, one of the strongest markets currently, if there is such a thing. Have appraisal, and full package!

Thanks

Adrian Webb
Sierra Capital Group
(702) 870-2050
adrian@sierracapitalonline.com
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