$2.25 M bridge loan one (1) year offering to pay14%. SECURED BY A FIRST POSITION NOTE AND SECURITY DEED ON 70.3 ACRE 360 UNIT APARTMENT CONSTRUCTION TRACT APPRAISED BY CBRE IN 2017 AT $4.4 MM,. 51% LTV!
EXCEPTIONAL BRIDGE AND/OR CONSTRUCTION LOAN OPPORTUNITY
BRIDGE LOAN OPPORTUNITY
Borrower is seeking a $2.25 M bridge loan for one (1) year offering to pay14%. In the event of prepayment, Lender shall receive no less than six (6) months interest. The majority interest in this project is owned by a seasoned and experienced land use and development attorney who will personally guarantee the loan. The bridge loan must be in place on or before March 20, 2021. This loan will be SECURED BY A FIRST POSITION NOTE AND SECURITY DEED ON 70.3 ACRE 360 UNIT APARTMENT CONSTRUCTION TRACT APPRAISED BY CBRE IN 2017 AT $4.4 MM,. 51% LTV!
BORROWER’S EXIT STRATEGY IS TO HAVE THE BELOW DESCRIBED PROJECT CONSTRUCTION FINANCING IN PLACE WITHIN ONE YEAR OR LESS, OR BY A PARTIAL SALE OF THE PROJECT TO INVESTORS.
CONSTRUCTION LOAN OPPORTUNITY
Const. Loan Amount Interest Rate Offered Term Collateral
$66 M 5.5% 60 mos 70.3 acres
The construction loan to be progressively paid out as construction draws as the construction progresses.
CBRE 2017, $4.4 MM appraisal prior to approvals and entitlements, first position on 70.3 acres developing 360 apartment complex on 32 acres includes repayment of the bridge loan.
THE REAL ESTATE IS LOCATED LESS THAN ONE MILE FROM the Kia Motors Assembly Plant producing 1,400 new vehicles per day, and Kia’s only facility in the United States. The development is very near West Point Lake and Campground, in the City of West Point, Georgia, population 3,855, Troup County, Georgia, population 70,000. It is adjacent to the rapidly growing city of LaGrange, Georgia, population 30,400 where several billions in other new businesses have recently located. This ongoing growth has caused a huge pent-up rental demand with over 22,000 workers commuting from as far away as Atlanta daily a result of there being no suitable residential housing available. Kia companies are expanding operations on site including Hyundai Transys, employing an additional 680 workers.
The following permits, approvals and entitlements are in place and available for inspection and review as is the appraisal upon prospective lender signing a nondisclosure/confidentiality agreement: US Fish and Wildlife Service, Three Rivers Regional Commission, Georgia Department of Transportation, Georgia Department of Natural Resources Wildlife Resources Division and Environmental Protection Division and Historic Preservation Division, USDA Natural Resource Conservation Service, Department of The Army Corps of Engineers. The project development/construction team is in place and the project is shovel ready upon securing construction financing. Upon application the final building permit will be issued by the city building inspector in charge of this project.
Return receipt of the attached signed and dated NDA by originator will create a date and time for an introductory phone call or Zoom meeting with the principals/ borrowers. A full set of pro formas and under writing documents are available, upon completion of a positive initial conversation, ready to be emailed.
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