I'm helping my developer clients secure a non-recourse loan, and hoping to find someone here! Here's the specifics as to what's needed, please:
- Looking for a non-recourse loan using land as collateral (address is in Windsor, Colorado, zip is 80550)
- Land is worth $3.5M (appraisal from this past August - appraisal available to send)
- Ideally aiming for 50% LTV (so $1.75M)
- Lender would go in first position; interest only.
Updated about 1 year ago
The existing site has several sports fields and concessions and the developer's long-term goal is to build a sports complex on the site. Preliminary site plan and zoning are in hand. Developers need the funds to get to full final site plan approval and complete their design, which will also include a revised and approved masterplan. The Town is 100% behind this project and will fast-track developer's approvals. In addition, the Construction company will install two brand new sports fields (estimated value to be >$1.5M) immediately after they receive funding; they are doing this in exchange for a 2.5 acre parcel within the site, which developers can give them post-approval/subdivision.
I might, (w/emphasis on the "might"!), might have a solution for you...
We do offer non-recourse loans on larger deals, >1m, but the population of Windsor is only showing up at 24k, which might present a problem... (more emphasis on the "might")
Either way, I would need for you to complete a short application to get you a definite answer on this one.
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