PRIVATE INVESTOR NEEDED

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1 total messages Started by Dondorf Fri, 27 Oct 1995 00:00

#117

Author: Dondorf
Date: Fri, 27 Oct 1995 00:00

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Investor needed to fund short-term, high yield loan fully secured by real
estate. Please review the following summary. Should you have an interest
and wish further information, e-mail Jim at dondorf<us011640@interramp.com.

LOAN AMOUNT REQUESTED:		$180,000

TERMS:				2 years, payable interest only at 16% 
				($2,400 monthly) with 4 points ($7,200) 
				to investor at closing. Guaranteed yield 
				maintenance of 1 year, no prepayment 
				penalty thereafter.

PURPOSE OF LOAN:		Pay off existing first mortgage of $105,000 
				and use remaining funds for working capital

DESCRIPTION OF COLLATERAL:	Builder/developer will give investor first 
				lien position on a subdividable 95 acre 
				parcel of buildable land 25 minutes from 
				Albany, NY in Schoharie County. Lot has
				beautiful vistas, is basically level with 
				some gentle sloping, has its own water 
				88 feet below grade, and soil testings 
				have been completed satisfactorily.Construction
				of development is planned to start in 1998. 

VALUE OF COLLATERAL:		$494,000 as per MAI appraisal dated 
				August 1, 1995 ($5,200 per acre)

LOAN-TO-VALUE:			38%

RETURN TO INVESTOR:		If held 2 years: 	$64,800 or 36%
				If held 1 year or less: $36,000 or 20%

CLOSING COSTS:			All closing costs, including investor's 
				legal fees, title searches, title policy,
				recording and satisfaction fees will be 
				paid by borrower.

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