I know most aren't fans of Raw Land. However I have a merchant who is a developer looking to do a refi Cashout about 400k of his existing mortgage and use collateral of 18 acres of Parcel Land.

He has the land completely ready for development.
He has already had a wet land delineation done.
He has a 12" main water going through the whole land
He has a 6" gas going the the whole land.
Has a full Sanitary Sewer running the the whole 18 acres

The land is currently appraised at 750k, and his currently mortgage is less than 325k.

He is looking for an interest only loan, until he sells the land, which is already being pursued for a residential development of about 13 lots, all selling for around 150k per lot, Even better this parcel of land, that he wants to refinance is located 7 miles from where they are building the New MGM Casino in Connecticut

Think you can do anything with this file and if so, what do you need me to collect in terms of Documents

Thanks

Brent