Entitled Land Loan in Emerging Submarket
BOLOUR recently funded a $7.7 million acquisition loan on an assemblage of 110,000 sf of land. The borrower spent over two years entitling the land for a 230-unit large scale multifamily development. Achieving full entitlement, the borrower required an acquisition loan that would provide time and flexibility to execute a sale to one of multiple merchant builders. BOLOUR provided a 12-month loan with a 6-month interest reserve at 65% of the Borrower’s cost to purchase and entitle the property.