Private Money Loan for Development Land in Salem, Oregon

Blue-inc. Capital, a private lending company based in Oregon, funded a $2,500,000 1st lien position bridge loan secured by development land in Salem, OR. The property value was estimated to be $4,500,000 so our loan-to-value was 55%. The experienced developer/builder used Blue-inc. Capital to act as a bridge loan while construction loan details were being finalized. The land was entitled, and the horizontal development work was underway. The developer had used a bridge loan to acquire the land but needed additional time to complete the land development. We paid off the previous bridge loan but did not offer any cash-out. Our easy and creative process brought a fast close. The Borrower plans to get a construction loan upon completion of the land development, and they will build a multifamily building on the lot. The interest rate was 10.50%. The loan term was set at 12 months. This refinance bridge loan was funded in January 2023.