paul2120
53 Posts |
 Posted - 06/10/2008 : 12:28:22 PM
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Hello
Looking for help on a Land Loan in Bel Air Ca
25% ltv at appraised value of 1,300,000 for amount of 325k
Existing loan of 65k
Construction on NOO single family in excellent location
Ok with hard money terms
Appraisal complete at 1300000 for final project
Stated Verified with Reserves at 80k
Middle score 580 due to old lien that builder refuses to pay. No mort lates or Forcloser
Perfect payment history on current loans
Will building permit soon
100% of Geo, Eng, Soils, and Architech done and corrected by city right now.
Purpose of loan is to pay for permitting, bonding, ect and first two floors of the project.
Project is four stories, builder will submit the project as attic space for the remaining two floors
Complete first two stories, receive his Occ perm then bridge into traditional construction loan and or Home eq loan to complete the project
Can do two disbarments, 165k prior to permitting to pay existing land loan and permit/site prep costs, then remainder for framing and foundation
No second disbursement without permits
Call with any questions
Thank you
Paul 310 488 1235
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