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Loan Request for Land loan in Lake Elsinore, CA, 92530

Request #3695694 by Lender

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5/9/2023 10:27:24 AM
Lake Elsinore, CA, 92530, USA Show Map
Land
$13,000,000
$2,550,000
$5,250,000
40.38 %
680-699
$4,000,000 - $10,000,000
Refinance all
Property was purchased as a distressed sale due to tax delinquency. County forced the sale and property was sold to current investor for $2.15mm which was assessed value at the time to avoid foreclosure. Borrowers took out a $1.7mm 1st and have a $770k seller carry back as the current debt. Exit: Borrowers want to entitle the land and sell to a builder. They are not interested in going ground up with the property. They are willing to take a full year interest reserve on the property from the proceeds. They have two builders lined up to purchase the land (No LOI Or Agreement contractually in place)

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