Total land is 1,841 acres, zoned for Agriculture, consisting of two parcels: 1,116 and 725 acres (part of the latter a former pineapple plantation with existing roads), in the town of Kula, county of Maui, on the lower slopes of Haleakala. Much of this property is flat or gentle sloping, ranging in elevation from 1,000-1,850 ft, a topographic band perfect for farming. There is an 86 lot subdivision already planned, one of which includes 300 acres, with two private wells ($3m construction cost), with 1 million gallons/day capacity.
The borrower is a resident of 25 plus years and wants to see the land developed in an environmentally responsible manner.
The loan to value (LTV) provides a 51% cushion of equity. This opportunity presents an investor with a commercial note at 15.5% for 2 years, secured by a recorded first mortgage lien or deed of trust on this property.
|Loan Term:||2 years|
|Source of Income:||Investments|
|Payment History:||Interest only|