Bridge Loan Needed - 34% LTV - Need to Close in 2 weeks

[Craig Rismiller]

BP -

We are getting ready to start a condo conversion project in SW Michigan (St. Joe).  As a backup to equity - we are looking for a bridge loan that will move us from Purchase to Refinance with a local lender for construction.  The local lending environment is strong and we are well qualified - we just don't have the time to close a conventional loan on the purchase (our plan was to pay cash and use a local lender to fund the construction - but one of our equity investors backed out).

Here are the loan details:

Cash - $350k

Full Purchase Price / Current Value - $530k

Loan Needed: $180k

LTV: 34%

Term - 4 to 6 months

Rate - We can pay 10% and 2 pts - no other fees

Payoff Plan: 

a). Refinance with a local lender once plans are fully approved

b). Bring in additional cash (I personally enough cash freeing up over the next months to payoff)

Should be a very low risk loan - perfect for a private investor.  Key is we need to close by 5/18 --- so I need a commitment ASAP