Mortgage lead for Land loan in Soda Springs, ID, 83276

Loan Request for Land loan in Soda Springs, ID, 83276

Request #3700212 by Lender

Date Posted

2/21/2024 6:07:12 PM

Property at

Soda Springs, ID, 83276, USA Show Map

Borrower at

Property Type

Land

Property Value

$5,500,000

Amount of Existing Loans

$1,560,000

Loan Request

$1,600,000

LTV

29.09 %

Credit Rating

680-699

Loan Purpose

Refinance all

Purpose

The Borrowing Entity, Beatha Development, LLC, seeks a loan to refinance its existing, scheduled to mature on March 27, 2024. We are additionally looking for a loan to cash out monies invested to go toward our construction costs for taking the property horizontal. This loan will facilitate the refinancing of four parcels, totaling approximately 50 acres, which are fully entitled and poised for R3, Mixed-Use and Commercial development in Soda Springs, Idaho. Despite having potential buyers lined up for consideration, the maturity date of the purchase loan will likely precede the completion of their due diligence. With $1 million in reserves, our goal is to allocate these funds between refinancing the purchase loan and acquiring a self-storage development in the Salt Lake Area, for which we already have a contract in place.

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Loan Request for Land loan in Soda Springs, ID, 83276