Loan Type : Acquisition
Loan : $3,105,000
A 3,105,000 loan for the acquisition of 41.5 acres of undeveloped land in Malvern, an affluent suburban neighborhood approximately 45 minutes west of Center City Philadelphia, Pennsylvania. The 12-month loan bridged the gap between the borrower’s acquisition of the property and home builder’s due diligence period. It was underwritten at 65% loan-to-value and has an interest rate of WSJP plus 100 basis points.