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  1. #1

    Hard Money Land Loan needed for ocean-front property in Jamaica

    I have a client with 9 acres ocean-front in Jamaica looking for a hard money cash-out refinance loan. The property is owned free and clear and should appraise for $2.5 - $3MM. Looking for 40 - 50% LTV. The property has been approved for residential development and he is going to build 60+ duplexes. The cash out will be used to build the infrastructure. FICO of 780. He has owned the property for 18 years. If you are a broker and do not have a known source for this, don't bother doing a online search as I have already reached out to all the usual suspects. Several of the Caribbean lenders do not have funds at this time.

    Tom Harrier
    Integrity Commercial Loans
    www.integritycommercialloans.com
    407-928-8542
    broker@tomharrier.net

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    ...nothing there bro...no offense but don't waste your time...I've seen it several times....from several people...no body will lend on raw land...there is no liquidity...there is a Puerto Rico deal going around that is the same....you have to ask how is the debt going to be serviced...how is the monthly payment going to be made....is there another income producing property to cross collateralize?...If the borrower defaults and now you own the property how easy will it be to be sold to recover your investment? In other worlds how liquid is the property for you to get your money back if the borrower fails?

    "Several of the Caribbean lenders do not have funds at this time." scam line right there bro...
    Last edited by Olderguy; 01-08-2022 at 10:07 AM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
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    949.228.1050


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  3. #3
    "No body will lend on raw land"? I average at least one loan per month on raw land. Did one last year for $8.5MM. Please, send your raw land deals to me.

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    You need income for the debt service. Yeah I can do 50% LTV but where's the income?
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
    Jamaica?? Lol ..yeah that's not gonna happen

  6. #6
    Senior Member Reputation points: 18328
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    Quote Originally Posted by MissouriBroker1 View Post
    I have a client with 9 acres ocean-front in Jamaica looking for a hard money cash-out refinance loan. The property is owned free and clear and should appraise for $2.5 - $3MM. Looking for 40 - 50% LTV. The property has been approved for residential development and he is going to build 60+ duplexes. The cash out will be used to build the infrastructure. FICO of 780. He has owned the property for 18 years. If you are a broker and do not have a known source for this, don't bother doing a online search as I have already reached out to all the usual suspects. Several of the Caribbean lenders do not have funds at this time.

    Tom Harrier
    Integrity Commercial Loans
    www.integritycommercialloans.com
    407-928-8542
    broker@tomharrier.net



    Is the borrower putting in any of his own money?










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  7. #7
    This is a refi and to date, he has put in just over $1MM into the purchase and plans for the project. He is using a portion of his equity in the property to get the loan for the infrastructure.

  8. #8
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by MissouriBroker1 View Post
    This is a refi and to date, he has put in just over $1MM into the purchase and plans for the project. He is using a portion of his equity in the property to get the loan for the infrastructure.
    What's going on here is that y'all don't have any resource to private funds that are already Caribbean-based, or UK-based, so how will they have any interest in a property that is in the islands. Of course, if the borrower defaults, there's a slim chance they'll have interest in owning that property! If they already invest in the islands, then that's a different story. I have connects to a private fund that might bite, but I would have to make a quick phone call to check..

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