Loan amount
$1,850,000
Loan type
Refinance
{No Cash-Out}
As-Is Property Value
$3,480,000
LTV
53%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
750
Deal experience
10 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Kissimmee
State
Florida
Loan Details
Current mortgage balance
$1,850,000
Additional Loan Information
I am looking to refinance a land purchase that was done in March 2022 for $2,850,000 until we can finalise the EPC construction contrats and break-ground on the project.
The company paid $1,000,000 cash, and the Balance of sale financing was $1,850,000 which is the amount we are looking to re-finance as this loan is at maturity.
The land was appraised at $3,480,000 on Feb 6, 2024.
The EPC construction contract is for construction of a 271-unit multifamily building. The total constuction timeline is 42 months to complete (9 months design, 3-4 months for permitting and 28 months construction)
The company paid $1,000,000 cash, and the Balance of sale financing was $1,850,000 which is the amount we are looking to re-finance as this loan is at maturity.
The land was appraised at $3,480,000 on Feb 6, 2024.
The EPC construction contract is for construction of a 271-unit multifamily building. The total constuction timeline is 42 months to complete (9 months design, 3-4 months for permitting and 28 months construction)
Status
Pending review: Please check your email. We will be sending you follow-up questions, if needed. Be sure to check your spam folder.
Created
March 7, 2024 - 1:45pm
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