Anyone have a broker or lender they would like to recommend?
Alan in Austin
1 Like
Hello Mic,
Im looking for a 12-15 month refinance loan.
Do you like to do longer loans?
Each of these (18) 1 acre Lots are appraising at and will sell at $80,000 a piece.
18 sites X $80,000 = $1,440,000
Im requesting a loan of $660,000.
I have $50,000 in the bank as cash reserves for your loan carry costs.
I have a 670 credit score.
My exit for your loan is to improve the property and sell the lots individually and cash you out.
This will typically take me 12 months or less.
I bought this property is 4-2017 for $360,000 and I have put $200,000 cash of my own money for the current improvements. The improvements I have completed are bringing the city water (6" water line and 2 fire hydrants) and all the power poles to each of the 18 lots/sites, I built a 24’ wide driveway, 1,500’ long with a fire truck turn around at the end.
Use of funds:
I need to pay off my current private lender and the funds to upgrade the road by adding 2" of pavement.
This is my 4th project like this one. I prefer to start with land and develop it as new instead of fishing for “existing parks” and create un-restricted sites close to Austin Texas.
I’m a full time real estate investor and builder since 2004.
Alan@SellTexLand.com