Deal Status

Active

Property Address

2444 Chapin Road, Silver Creek New York 14136

Requested Loan Amount

$200,000

Loan to Value

30%

Loan Term

60 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Land

Cannabis Business

No

Number of Units

1

Current Occupancy

Vacant

Current Occupancy Percentage

100

Loan Type

Refinance

Current Zoning

Special Purpose Land

Entitlement Status

In Process

Development Status

Building Approval in Process

Existing Improvements

Street Access, Electricity, Gas, Water, Communication

Generate Income

No

Multiple Parcels

Yes

Number of Parcels

2

Current Market Value

$648,194

Equity Cash Out

No

Equity Cash Out Purpose

Invest in Another Property

Have Appraisal

No

APN Parcel ID

65.00-1-1; 65.00-1-4

Lot Size

138 acres

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Excellent

Attachments

Comments

This is a land acquisition loan for property that will host a community solar farm. The solar farm will be the sole tenant with a long term lease generating approximately $37,000 per year for 35 years. The project is nearing full development and will have building permit in hand by April 2019.

First Name

Andrew

Last Name

Day

Phone Number

(203) 542-5651

Company

Source Renewables, LLC

Role

Borrower

Location

Greenwich, Connecticut

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