Vacant land loan
I have an 8 unit mobile home park for sale for $1.15M.
I may or may not be taking it off the market if this loan comes through.
I have a high interest bridge loan that I would like to pay off for 230k
The value of the land and the 9 water and sewer taps is valued around 560k
I am selling a piece of land half the size, a block away, for 360k that will provide a new comp that will increase the land value.
I am looking for a 10 year loan with a decent interest rate if someone would be willing to loan 40% on the land value.
