Transaction Overview
Steve Bram and Allison Higgins successfully closed a land loan in ten days for entitled, raw, residential land in the Pacific Northwest. The Sponsor needed to refinance his existing loan which was coming due in 15 days and obtain additional time to sell this asset to various builders. No executed purchase LOI’s were on file by closing although numerous home builders demonstrated their interest in various parcels. GSP marketed this loan request to lenders on a Thursday and identified 2-3 interested lenders by Friday (the next day). The Sponsor and GSP negotiated with lenders on Monday and on Tuesday, the ultimate lender was selected based on their certainty of execution as applied for. The lender’s in-house engineer traveled to the site on Wednesday; documents were signed the following Tuesday and the loan funded on Thursday. Total time from application to funding was 10 calendar days. The Sponsor is a civil engineer and completed the original entitlements and engineering. The site required extensive grading and was approved for 1,050 homes, 1,060 apartments and 190 acres of commercial development. The 12 Month recourse loan has two, 3 month extensions.
