Looking for hard money commercial lender - Posted by Sam
Posted by Sam on July 26, 2007 at 16:16:21:
I have a 66 acre waterfront lot in Eufala, Alabama in contract, and I am looking for a lender who will be able to finance the development and purchase of the land. The reason I need a hard money lender is because the closing date is August 21, 2007 and a normal lender would take too long for closing. The purchase price of the property is 2.65 million and construction cost that needs to be financed is 4.4 million. So I am looking for a total loan of 7.05 million in financing with a minimum of 24-36 month term. Financing is only required for part of phase I of this project. After which the property will be paid off with extra funds to finish the rest of the project.
The project will consist of 2 phases.
Development of the 12 acres of the waterfront property with 52 residential units directly facing the water and 34 residential units directly behind these.
Cost to build is $112,500 per unit with sales being 250,000 per unit for the 52 units facing the waterfront, and 225,000 per unit for the remaining 34 units.
20,650,000 total sales
9,675,000 total construction cost(including soft costs)
826,000 Realtor fees (4%)
1,900,000 Finance Costs (12% interest 24 months, 3% origination)
2,650,000 Land Cost
34% Loan to Future Value(only for Phase I, this does not include the rest of the 51 acres)
Finance cost is if there are no sales during the construction period.
This will include the development of the rest of the 54 acres of land.
I need a lender that can close quickly. Closing needs to be on August 21, 2007 or sooner. Please contact me either via email or at 253-230-0274.