Looking for a non-recourse loan

[Ben Toth]

My developer clients are looking for the following: 

• A non-recourse loan using land as collateral 
• Land was appraised for $3.5M (appraisal, which was extremely conservative, was completed this past August - appraisal is available to send)
• Looking for 50% LTV (so $1.75M)
• Lender would go in first position; interest only.
• The existing site has several sports fields and concessions and the developer's long-term goal is to build a sports complex on the site. Preliminary site plan and zoning are in hand.
• Developers need these quick funds to get to full final site plan approval and complete their design, which will also include a revised and approved masterplan.
• Immediately after the bridge loan closes, a major construction company will install (on their own dime) two brand new sports fields (estimated value to be >$1.5M); they are doing this in exchange for a 2.5 acre parcel within the site, which developers can give them post-approval/subdivision. This construction work will obviously immediately increase the land's value.
• After the construction work is complete, a MLB team will very likely relocate their work to this brand new field.

Please email me at [email protected] if the above criteria is possible to achieve. Thanks!