The LLC only holds the raw land and it's completely paid for.

Then I would speak with a land surveyor or civil engineer to get a sense of what it would take to obtain all the entitlements and bring in the utilities, etc.     

Please double check this and make sure that wasn’t the amount for the raw land prior to the build.

Not all but a vast majority based on my doing deals in PA NJ WV OH SC etc etc. 

But based on him saying that the loan is "being paid off every month by my buyer" it seems that we're dealing with A, subject-to.We need clarity, Anirudh.  

Northern New Jersey has very little land, therefore the price to buy land is too high unless you somehow get it at a great price.

If you own the business and the land, I would keep them together.

Warren Buffett’s Berkshire Hathaway, Donald Trump’s luxury hotels and skyscrapers, and Oprah Winfrey’s Montecito estate, "The Promised Land," all reinforce the undeniable power of real estate in building generational wealth.My journey into real estate was far from conventional.

The out of the box strategies and set ups sold will never replace customized AP/Tax strategies based on individualized circumstances. 

This is what I am encountering, in the current Mortgage Industry.If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.