9/14/11
Non-Recourse Land Loans are Back! An institutional capital provider is currently funding land acquisitions and refinances from $3,000,000 to $20,000,000 in “high growth corridors”. Markets include Southern California, Arizona, Colorado, Texas and the eastern seaboard from Virginia to Florida. Interest Only payments are made on a quarterly basis with fixed rates varying from 13% to 15% based on risk and term. LTV from 50% to 70% of the current market value for up to 36 months with recourse limited to standard carve-outs. Use of proceeds may include horizontal construction (off-sites, utilities, grading, etc.) Land note purchases will also be considered.
