Land loan market
What LTC/Pricing is everyone seeing on unentitled land? (For those who can find the few lenders still active)
If you could also just give MSA, lender and approximate deal size, that’d be helpful.
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Hope that helps.
Loan size $2M-$5M (less than 50% of assessed land value), +/- 9.5% interest rate. Expensive coastal market.
The only ones I've seen doing land loans are private debt funds. Conventional players are largely out of the market for land.
I recently got a term sheet for a land deal in ATL at 65% LTC (3.5mm), 12% rate, 2 points on origination, max term of 12 months, w/ a 6-month interest reserve.
As you know, terms vary widely based on market, sponsor experience, financial strength, business plan, etc..
Our relationship lenders (i.e. local banks) are still doing land loans when we need them. Leverage around 50%, prime +/- 25 bps, 3 year term, etc. etc.
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