We have loan options available for the purchase & entitlement of raw land including all soft costs. If your a strong borrower then expect the best rates and terms.
But even with little cash, if it’s a great project located in a progressive major metro area with strong market demand, then we have a special program allowing funding up to 60-65% of future value and up to 100% loan to costs. You would need a sure exit strategy, experience as a successful developer and/or a good team of professionals on your side and be willing to share a set % of the increase in land value. We prefer to set these up with as a per-agreed amount as an exit fee (with other traditional loan fees) so you know exactly what all your costs will be which you can anticipate will come in around 25% “all inclusive” annual cost of funds. We impound all fees, costs and interest taxes & insurance into our loan offering amount. Terms on these can run from 6-24 months and we prefer project sizes from $5-35M. We will look at smaller and slightly larger deals so maybe call it in first or send a vary brief overview with request for level of interest.
Occasionally we look at true Equity Share & Joint Venture funding on a case by case basis depending on risk and all other factors.
Please submit a brief overview or exec summary of your project for a quick review. If after review and a few conference calls, if we like the project, we will issue an email with our terms and if acceptable to you, we will issue a written term sheet. This could be a quick as 1 week time frame if your data is organized & accurate! Larger projects may require site visit before funding. No upfront fees to us, only 3rd party fees such as appraisals, credit and background checks etc.
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