Our borrower is a significant real estate investor in this sub market of Miami who successfully assembled a large parcel for redevelopment into a high rise with significantly higher density than current use. Our loan takeout is a development loan.
loan overview
$1,450,000
loan priority
1st. Mortgage
loan type
Purchase
loan to value (LTV)
37%
appraisal value
$3,890,000
interest rate %
Sub 10%
term length (months)
12 months
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