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02-22-2024, 07:34 PM #1
- Join Date
- May 2020
- Posts
- 52
Client needs a hard money loan or a no doc loan
I have a client who needs a hard money loan or no doc loan to purchase land to build a subdivision.
The land is shovel ready and all infrastructure is complete
The value of the land is $1.5M
The purchase price is $400,000
They're looking for a loan in the amount of $300,000
They will pay it back in 90-120 days
They have $205,000 sitting in escrow
Each home will cost between $250,000 and $265,000 to build and will sell between $550,000 and $650,000.
The escrow company will be able to close within 2 days after the lender's funds are deposited into escrow. Again, the subdivision is completely shovel ready.
After the homes are built the property will be worth $20M
The credit score is between 780-800
Need to close ASAP
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