Jamaica! $2.1 Million Hard Money Land Loan
Loan To Value: 55% of Appraised Value
Use of Proceeds: Repositioning & Pre-Development Funds
Income Verification: Stated Income / Stated Asset
PROBLEM: The property is raw, undeveloped, non-income producing land on the island of Jamaica.
SOLUTION: Westshore Mortgage & Investments Co., Inc. structured a 36 month, hard money bridge loan based on the current, “as-is” value of the property. This hard money loan enabled the borrower to re-position assets in anticipation of imminent, future development of the property. Additionally, a 24 month interest reserve account was built into the loan to service the payments and alleviate the borrowers concerns regarding servicing the debt from a non income producing property. This gave the borrower piece of mind and thereby enabling him to concentrate on future development details of the project.
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