VegasLoanz
57 Posts |
 Posted - 05/03/2008 : 6:14:21 PM
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I have a borrower with the following scenario:
Owns 10 acres of improved land since 2003
Nevada
has built 2 office/medical buildings at 22,000 sq ft each
certificate of completion September 2007
both buildings are completely vacant - has no plans of leasing up
current loan is due July 13th
need a Rate/term refinance including interest reserves for 12 month term
$18 million value
$9 million pays off current 1st T.D.
Has $750,000 of his own money into the project.
The borrower needs to refinance the entire 10 acres. He wants to sell off the 2 buildings, then he will build 2 more buildings, sell those, build 2 more, etc. etc. This will be a 10 acre office park.
I need a lender that can do this loan. Does the new loan need to have a release clause for when he sells the 2 buildings?
Any lenders that can do this loan, please post here or email me: ValJones.Loans@gmail.com
Thank you,
Val |
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