Mortgage lead for Land loan in Lucerne Valley, CA, 92356

Loan Request for Land loan in Lucerne Valley, CA, 92356

Request #3698122 by Lender

Date Posted

11/8/2023 11:09:08 PM

Property at

Lucerne Valley, CA, 92356, USA Show Map

Borrower at

Property Type

Land

Property Value

$64,000,000

Amount of Existing Loans

$2,500,000

Loan Request

$7,500,000

LTV

11.72 %

Credit Rating

760-779

Loan Purpose

Refinance all

Purpose

The client needs $3 million to complete grading on 724 final approved residential lots. Additional security will include the tentative map of 4200 residential and commercial lots and a fully approved final map of a 27-hole prestige golf course. The As-Is value of the land per MAI appraisal is $64,000,000 in AS-IS condition. And the value after the grading is done can be higher than $70,000,000. I have appraisal maps, videos, and approval documents to verify the value. The developer plans to sell the improved lots to interested builders. The developer acquired the property 40 years ago and spent over $28,000,000 of his personal money on the development of an 1100-acre flat, buildable community

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Loan Request for Land loan in Lucerne Valley, CA, 92356