Property Location: Texas
Property Type: LAND
Program: Private Money
Purpose of Loan: Refinance & Spec Construction
LTV: 65% of the 'Completed Value'
Terms: 12 Month Note, 12% Rate & Interest Only
Challenge: Our client came to us through a trusted broker in need of spec home financing. The property was owned free & clear and our client had already completed design work, engineering, surveys and preparatory site work. The project had been approved and permits ready to pull.
The challenge with the project came into play when the 'completed valuation' came in lower than originally anticipated. Based on the strengths of the developer and excellent location of the land, the LTV was increased for the numbers work.