hello i have a land deal that i am in need of funding;purchase of 73 ac of land for development just had property apparised value is 3.5 mil seller needs 2.3 , i need short term bridge until apartment funding is complete which take about 4 to 6 months hud 221(d)(4) need fast closing 30 days max is this possible all doc are done market study phase one and title all just completed

Maybe one of the non-bank lenders here can help, but as a credit person, I get a couple of questions from the information that you posted.

1- If land was appraised at $3,500M, how did you get to buy it at $2,300M?

2- Do you have $1,150M so that the lender can come in at 50% of lower of appraised or purchased value?

3- Some “developed” land can support higher loan-to-values, but the term “developed” is reserved for that land which is ready to build. Is this land ready to build?

Good luck

We may have some interest. Email or fax your Executive Summary with more details.

Regards...

Myron Alford