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04-10-2017, 10:38 AM #1
- Join Date
- Dec 2016
- Location
- New York
- Posts
- 30
$8,250,000 Funding Request for 100 acres land in Georgia
We are principals and looking for a private investor lender with capacity and desire to lend and invest in a development project in Georgia.
USE OF FUNDS:
Property Acquisition: $8,250,000
Loan Amount Request: $8,250,000
Current Appraised Value: $15,000,000
Estimated Future Appraised Value: $20,000,000
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LOAN STRUCTURE terms and conditions desired and acceptable by borrower:
55% LTV loan to Value ($8,250,000)
Interest rate: 8% to 12%
Term: 12 months to 24 months
Lender Points: 2 to 5 points
Broker Fee: 1 to 2 points
********************************************
PREFERRED TERMS:
The company is in start-up phase so we are requesting true Asset Based Funding:
* No minimum credit score
* No personal financials
* No tax returns
* Non-recourse funding
* The property will be purchased in an LLC.
* There are no bankruptcy or foreclosures on the principals.
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SPECIAL STIPULATIONS:
* All points and fees deducted from loan amount given by lender at closing
* No prepayment penalty
* 1st lien position for lenders
* Lenders accept all current due diligence: appraisal, current title search, property inspection.
* Down payment by borrower
********************************************
COLLATERAL / REMEDIES:
* 1st Lien Position - 1st priority for payment and enforceable 1st lien in case of foreclosure
* Business Income Insurance - To guarantee repayment in case of loss of business income
* General Liability Insurance - To protect the business and principals from 3rd party claims
* Builders Risk and Installation Insurance - To guarantee completion of the project in case of a catastrophe
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EXIT STRATEGIES:
* Refinance the property / cash-out immediately after closing.
* Resell the property for profit.
* Pay off loan with revenues and net profits from existing ventures
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