Land Loan in Plano (Dallas) Tx?

[Tod R.]

I tried in the Loan Forum, but no takers. So I thought I would try here.

My company owns about 2.5 acres in the heart of an office/warehouse area. It's just off a major intersection, about a mile from the Hwy 190 toll road. A great location. It's a second phase of 35K sq ft office flex bldg we built and sold a couple of years ago. It's probably worth about $500K now, currently free and clear of any debt. We're looking to borrow about 60% against it. The borrower/guarantor has huge net worth compared to the property's value, some cash, most in real estate developments. Banks just don't want anything to do with land right now. So, I thought I would run this by BP for any suggestions. We are not opposed to selling it below market.

Thanks,

Tod