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02-14-2024, 01:23 PM #2
So you have a $900K first at 3% and looking for $1M 2nd at 8%..That's not the way these types of deals typically work.
You need a construction loan and right now you are at 50% LTV on the horizontal it appears.
So put together a executive summary, resume of sponsors, business plan, use of funds and projections, ROI and exit strategy.
And plan to have 10% - 20% capital contribution.
Is it graded, permitted, entitlements, final map, shovel ready, etc.
Soft costs to shovel ready can be put in the construction loan.
Reach out if you want help with this....send me a packageLast edited by Olderguy; 02-14-2024 at 01:49 PM.
Steve Benjamin
Professional Business Loans
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Irvine, CA 92620
steveprobiz@gmail.com
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