Land
Posted 13d agoLand loan — 12 acres coastal
$430,000
Location
Wilmington, NC
Target rate
11.50%
Term
1 yr
Property type
Land / lot
Property & underwriting
- Occupancy
- Non-owner occupied (investment)
- Lien position
- 1st lien
- As-is value
- $661,538
- LTV (as-is)
- 65.0%
- Exit strategy
- Refinance to conventional
- Borrower experience
- 4-10 deals completed
- Borrowing entity
- LLC
- Funding timeline
- 2-4 weeks
- Additional collateral
- Raw land
Use of funds
Land acquisition
Deal summary
Twelve acres with road frontage, rezoning application submitted. Short-term hold.