[WeFundIt]

Hey guys.

My client has a 36 acre property that is zoned agricultural and wants $100k for 30 years to build a 6,000 sq.ft. warehouse. He currently has a $300k mortgage. The property has a current value of $450-500k. FICO=675 as reported by client. He would like to close asap. Let me know if you can do this deal. Thanks.

[Olderguy]

I am doing 100% Loan to Cost construction loan now, after final map, on a couple of properties. But there's too much information missing. What's the value after the warehouse is completed? What is the revenue now that is paying the $300,000 lien on the land? Loan amount may be too small as well. To many questions. You'll need a bridge loan until construction is finished, then you can roll it over to a traditional 30 year loan. I just checked with my construction guy and the loan amount is too small.

[Yankeeman07]

Hey guys.

My client has a 36 acre property that is zoned agricultural and wants $100k for 30 years to build a 6,000 sq.ft. warehouse. He currently has a $300k mortgage. The property has a current value of $450-500k. FICO=675 as reported by client. He would like to close asap. Let me know if you can do this deal. Thanks.

Is this Cannabis related?

[WeFundIt]

No, it's not (unfortunately . Right now, it's raw land with 10 greenhouses, no income. He's planning to turn it into a working farm, producing greens and peppers. Already has established relationships with vendors and supermarket chains and other commercial outlets.

[Kevin Henry-Seacoast]

No, it's not (unfortunately . Right now, it's raw land with 10 greenhouses, no income. He's planning to turn it into a working farm, producing greens and peppers. Already has established relationships with vendors and supermarket chains and other commercial outlets.

Courtney,

Many states have funds that will do this in the form of grants.

KH

[Olderguy]

I think I would do a personal loan for $100,000 at round 8% 3 to 5 year then roll it over into a 30 year fixed traditional mortgage when completed.

[WeFundIt]

I think I would do a personal loan for $100,000 at round 8% 3 to 5 year then roll it over into a 30 year fixed traditional mortgage when completed.

Yup. I had suggested as much to the client. I usually don't respond to posts with gmail addresses, but your reputation points are reassuring. Will send you a PM.

[Olderguy]

Yup. I had suggested as much to the client. I usually don't respond to posts with gmail addresses, but your reputation points are reassuring. Will send you a PM.

Need a 680 or better Fico, personal income from 2020 or 2021 tax return/1099 or W-2, some business entity on loan app.

[Yankeeman07]

If the $100,000 Personal Loan is paid of in 3 or 5 years, what are you rolling over?

[Olderguy]

If the $100,000 Personal Loan is paid of in 3 or 5 years, what are you rolling over?

Roll it over into a tradition mortgage loan...he wanted 30 year loan.

[Sales1999]

Dave lambert.....stop the nonsense.

[Yankeeman07]

Dave lambert.....stop the nonsense.

I will be polite - F**** Off - the merchant already has a 30 year mortgage.

If he is able to secure a 3 or 5 year term loan - The loan will be paid off - what is hell is the merchant going to roll over?

The post stated" My client has a 36 acre property that is zoned agricultural and wants $100k for 30 years to build a 6,000 sq.ft. warehouse. He currently has a $300k mortgage.

[Olderguy]

play nice guys...