Why we like this deal?
Borrower owns free and clear two parcels in Las Vegas totaling about 41 acres. Plan is to build themed multi-entertainment indoor park for customers of all ages. This loan is for phase 1 to obtain permits and renovate existing 17,000sf building for steel slides, aquarium, enchanted caves, tree house, waterfall and themed dining area. Once complete and generating revenues, stabilized property will enable conventional bank loan for takeout or a larger construction loan to begin phase 2 expansion.
Borrower has extensive experience identifying, acquiring, managing and disposing of commercial and residential properties in Las Vegas.
The loan to value (LTV) provides a 54.4% cushion of equity. This opportunity presents an investor with a commercial note at 12.9% for 2 years, secured by a recorded first mortgage lien or deed of trust on this property.
Why the bank can’t lend
|Property Type:||Mixed use|
|Loan Term:||2 years|
|Source of Income:||N/A|