Hard Money Loan for Development Land in Lane County, Oregon

Blue-inc Capital, a private lender based in Oregon, funded a $775,000 1st lien position hard money loan secured by development land in Lane County, OR. The property value was estimated at $2,400,000 so our loan-to-value was 32.29%. Including holding costs and fees, the Borrower spent a significant amount of their own funds for zoning and development approvals to build a 132-unit apartment complex. We had given the land a conservative value of $2,200,000 so there is lots of equity in the deal. A listing contract has been signed to list the property for sale at $2,995,000. The loan term is 2 years with a 6-month interest guarantee. Multifamily development properties like this one have an abundance of variables and an estimated timeframe of 10 to 16+ months to sell. This is a well-collateralized loan with a very low loan-to-value (LTV). This refinance hard money loan was funded in April 2024.