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What is the size of the deal?
Purchase price of the land is $6MM
Ladder cap, broadmark, Barnett capital management to name a few
my understanding is that most mreits aren't able to get comfortable with land loans (no CF, no coverage, etc). why's ladder different?
Ladder and broadmark are both mREITS and both very comfortable in the space. Ladders ticket size for the bridge program is $15mm and up whereas broadmarks is much lower. Not sure who told you mREITS won’t lend on land but that has not been true in my experience.
They'll lend on it. Rate just 7-8+ Maybe even 10%
Think Madison does land?
Local community banks
Echo local community banks. I helped a client tie up development land at 60%LTC with a 4% ish rate (6 months ago) in the south east with a local bank.
Perfect, appreciate it!
https://www.bizjournals.com/atlanta/subscriber-only/2021/12/10/georgias…
What state are you in and what state is the land in?
Im in TX, land is in GA.
Trez Capital
Didnt Trez blow up?
Details?
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