[sigma94]

A Land owner with 37.5 acres that they lease to and has a Company who built an Oil Man's Camp that houses 350 beds and wants to expand to 750 beds. The facility is a state of of the Arts Facility with 34 mobile homes with 1 and 2 bed units fully furnished, 6500 SF dining and recreation, commercial laundry facility, maintenance facility, and 3 on site wells. The site has been improved to military specifications.

The Borrower own the Land only, not the dwellings. The income is generated via a Land lease. They are expanding the number of beds to 750 and the Land owner must make improvements to the land to support the expansion.

Please provide me with a Term Sheet for the scenario.

The company is seeking $1.1MM

1) Collateral is the Land which should be appraised at plus $20MM

[LCNYS]

We can do land only deals up to 55% LTV if free and clear.

[bdshaw]

this reminds me of deals that were done in the 80's and 90's when the oilfields first were developed in Alaska.
The fact is that this is not a land only deal but the amount that could be borrowed should be determined by the terms of the land lease. What are they and who is the Lessee?
Bob Shaw
734.929.3800
rshaw@advancecredit.com