Deal Status

Active

Property Address

Albermarle, North Carolina

Requested Loan Amount

4000000

Loan Term

4

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Land

Cannabis Business

No

Current Occupancy

Vacant

Loan Type

Ground-Up Construction

Current Zoning

Array

Entitlement Status

Entitled

Development Status

Building Plans Approved by Local Government

Existing Improvements

Generate Income

No

Multiple Parcels

No

Property Type

Residential

Residential Property Type

Single Family Residence(s)

Commercial Property Type

Mixed-Use

Project Phase

Planning

Budget

No

Licensed

Yes

Lot Size

24

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Excellent

Comments

Our Client is requesting a $4 Million Dollars Bridge Loan against a Free and Clear 24+ acre mixed use (high density residential, freeway facing commercial and single family residential) property. The Bridge Loan will be needed for 120 Days. The funds are needed by first week of February 2019. The necessity for the Bridge Loan instead of Conventional financing is due to time constraints needed to acquire a new updated appraisal; which is 30-45 days. There is an existing appraisal reflecting $9,360,000.00 Dollar valuation as of 2004. Since then, the valuation has significantly appreciated. We have a tentative contract for $2 Million Dollars per acre for a total of 2 acres. We are waiting on the Firm Start Date for construction to accept and finalize this offer. The property at present is to be cleared, utilities are on site and permits are only lacking on a State Erosion Control Plan. This is shovel ready and work shall begin immediately upon funding. At its 2004 valuation of $9,360,000.00 Dollars, we are asking for a less than 50% Loan to Valuation. This property has considerably increased in value since 2004. As it stands, the property is held by a corporation, which owns several properties. We will form a second corporation and transfer ownership of the property to this newly formed corporation. The newly formed corporation will then be separated and stand alone as a singular asset securing this, your “First Lien Position”. You will then be able to transfer your lien to whomever you designate. All the documents (Title and permits etc) can be presented upon closing. I will appreciate your quick response as this is ready to go project with all plans and permits with clean and clear Title of the property.

First Name

Mahendra

Last Name

Goswami

Company

MG Capital Consultants

Role

Consultant

Location


Michigan
USA