Loan Amount:  $2,100,000 USD
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.