It is not often you can invest in a property that borders a city that has halted all new construction, and we also get to collateralize not just the land but additional lots. This project has already started selling phase one, has 30 some remaining lots/homes to sell, selling approx 3 a month, and is now ready to prepare the dirt on phase two. The cool thing is as they sell those lots/homes in phase one, they buy down our loan at a 1.1 to 1 ratio. Very good collateral coverage at 69% loan to cost, and high 50's loan to value. Short term, max is one year. They will then finance the next phase of construction and pay off the remainder of this loan.
Ping me at email@example.com for more info and risk disclosures. We will fund this loan by the 30th.