Can you fund this loan for multifamily?

by Ryan Smith06 Oct 2014
When you’re looking to fund a tough loan, check out our Lenders Wanted section. You can post the loan details for MPA readers to consider. And if you’re a lender who eats tough loans for breakfast, you can reply to let the poster know you can help.

Here’s an interesting one from the Rocky Mountain state – looking for a multifamily construction loan:
Property description. 
40 acre parcel being subdivided into the following. 
1 4.5 acre parcel with a 7 year old 1700 square feet, 3 bedroom, 2 bath home with 2 car detached garage.
1 29 acre parcel with a new construction 4900 square feet, 5 bedroom, 6 bathroom home with 3 car attached garage. 
1 6.5 acre parcel of vacant land. 

$450,000.00 loan amount requested, BPO $1,100,000.00. Funds to be used to;
1- Complete the new home construction, 98% completed, all interior finishes completed. Landscaping, deck railing etc are all that are remaining.
2 - Complete the subdivision. Planning and approval from the county are currently in place. Electrical utility is currently on the property. Natural gas and water will be installed during the construction of the road. The county utility is paying for the install when the trench is open. Our cost will be to open 1700' +- of trench, equal amount of county road to be constructed along with three drives of approximately 400' each.

Know how to help? You can reply to the poster here.

Want to check out other loan scenarios? Click here. Post your own tough loan in our Lenders Wanted section by clicking here.



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