Seeking Private Individual for asset backed, high interest Ground up SFR project SWFL

[Magnus Wikström]

Hi all,

We've developed a deal for 3 months, only for the lender to get tired of their own attorney and walk away at the goal line. Everything is ready, including title, permits and security docs.

Here's what's on offer:

Deal

Lot purchase price: $19.500
Construction costs: $192.758
Appraised completed value: $300.000
Construction timeframe: 3-4 months
Location: 33920 Lehigh Acres, FL

Experience: We've built 2 identical houses in the same neighbourhood, completed a combined 8 projects in Europe (we're Swedish), and I have 8 years experience in real estate development finance and am a trained real estate economist (BSc Lund University SWE).

Rough deal structure

Term: 12 months
Extension: 3 months at 2% immeadiate penalty fee + 4% additional APR
Interest rate: 16% APR paid monthly on total loan amount OR 18% APR paid monthly on drawn funds OR 20% APR paid at loan repayment on total loan amount
Loan amount: $211.758
Security: First lien on project + first lien on two additional lots, purchase value $43.000. Funds disbursed as of draw schedule and held in escrow. Personal guarantees
No prepayment penalty

Draw schedule

Draw 1: lot + pt. 1 soft costs --> $25.500 - At closing, reimbursement for costs incurred
Draw 2: pt. 2 soft costs + slab + exterior framing --> $39.564 - At closing, can be paid directly to contractor if preferred
Draw 3: interior framing + roof --> $45.564 - After completion of Draw 2 items, can be paid directly to contractor
Draw 4: septic + painting + flooring --> $55.564 - After completion of Draw 3 items, can be paid directly to contractor
Draw 5: sod + driveway + completed interior --> $45.564 - After completion of Draw 4 items, can be paid directly to contractor. Simultaneous release of additional lot liens

We're experienced business people, my business partner with 3 exits through company sale out of 5 businesses started, and I'm trained in real estate investment at University of Oxford UK, and Private Equity at Imperial College UK. We're flexible but want to create something that feels attractive for us and the lender, and are happy to pay for it, as long as it fits us structurally. Our liquidity position is about $250.000, net assets +$1M.

In this structure, we have about $70.000 invested in the deal. At the time of the release of the additional lot liens, the estimated project value is roughly $200.000.

If an interest, please message me. And no brokers please or traditional hard money lenders without flexibility. Happy to provide more information on request. We have ALL documentation available, as the project is ready to go.