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Loan Request for Land loan in Glenwood Springs, CO, 81601

Request #3701392 by Lender

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6/24/2024 6:48:45 AM
Glenwood Springs, CO, 81601, USA Show Map
Land
$8,500,000
$7,250,000
37.76 %
740-749
Property Purchase
$4.2MM (50% of cost) of $8.4MM land purchase under contract to close in the next 30+ days. 203 acre property entitled and zoned for 92 Single-Family Lots in Glenwood Springs, CO. Borrower is a Fund with 19 projects currently under progress and many more completed. They started with $50MM in cash, and have a great track record of commercial land development. Borrower will have $5MM cash in the project. 50% LTV on the land. Total Request of $7.2MM - $1.2MM for Development, $1MM for costs, $1MM for financing/interest reserve. Combined value of 92 lots estimated at $19.2MM overall. LTV - 37.5%. Strong borrowers with strong cash position.

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