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FirstChoiceDebtR
200 Posts |
 Posted - 07/14/2008 : 10:24:23 PM
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land entitlement project $4.5 million needed in 1st position, 50% LTV, 12% interest, 3 points to lender, guaranteed payments for two years (interest reserve). 160 acres in Idaho with engineers ready and waiting. Current value: $9 million. Forecasted value after entitlement (within one year): $24 million ($150k/acre). Quick funding needed from asset based lender. Broker opinion letter and active comps support value (no appraisal), plat maps, exit strategies, executive summary, google images, etc all available for serious lender. Borrowing entity will be LLC. Project must be funded quickly. Email with questions. khos@lender4life.net
Location: Idaho
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KHufford
5993 Posts |
Posted - 07/14/2008 : 10:46:22 PM
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What are they planning to build?
By the way, I love how you laid out the loan terms for a lender already...nice touch.
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lenderben
1080 Posts |
Posted - 07/15/2008 : 07:27:06 AM
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would be interested in knowing, when the property was purchased and for how much?
If we end up doing this we would be closer to 14% I/O and six points.
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EMScommercial
5138 Posts |
Posted - 07/15/2008 : 07:28:37 AM
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what part of idaho?
i think that the points will be an issue for your client - that probably isn't enough to complete the deal..... |
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honeybee987
35 Posts |
Posted - 07/15/2008 : 1:36:00 PM
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| You will not find your answers here! This is the second time this scenario has been on here in 1 week! |
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EMScommercial
5138 Posts |
Posted - 07/16/2008 : 12:13:12 PM
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| thought it looked familiar |
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