WINPRO has been approached with a new funding request!
WINPRO typically originates funding requests through its alternative debt fund platforms. However, as many of you are aware, our debt funds are completely booked with existing loans – thus this opportunity for investors to participate on a one-off funding opportunity. The loan request is for $1m.
The subject loan would be collateralized by 67 residential lots (project) located near Peterson Air Force Base in Colorado Springs, CO. The completed project is a “for rent” single family product, with an estimated stabilized value of $46m. The project will be completed in approximately 18mos. The loan proceeds would be used for the final lot completion. Currently, the subject lots are valued at $90k per lot ($6m). Upon completion, the lots would have an estimated market value of $125k ($8.375m). Completion should be realized within 6-8 months. The subject loan would have the following terms & conditions:
- Principal Amount: $1,000,000.00.
- LTV: .66.
- Term: 6 months.
- Interest: 12%.
- Amortization: None (Interest only).
- Loan Fee: 3.5% (one-half to investor).
- Title Position: 2nd (behind a WINPRO loan of $3.3m).
- Collateral: 67 partially completed residential lots plus an Entitlement(s) collateral pledge
This is an excellent opportunity to participate in a well-secured loan, while earning an excellent risk-adjusted return. The proposed project is well located and is ideally suited for the market. The developer has over 30 years of residential development experience and enjoys an excellent reputation.
For more information, please contact WINPRO at 720.344.1174.