Construction Loan

[JosephD]

Loan Request: Phase one $150,000 initial loan. Phase two construction
below.

Financing Need: Proforma for entire project available upon request

Project Status: 100x100 vacant lot fully entitled. The sponsor is looking for an
initial loan of $150,000 to refinance the current note in place. The note was a 1
year note that is due in 30 days. The sponsor is current with the current note
holder. The sponsor is requested a rate and term refinance and construction
financing in phase 2. Sponsor is building a Star Rated home in Montvale, NJ.
Sponsor is requested funds to refinance the current note and take the project to
the point where the foundation is prepared for a modular house. When the
project is ready for the modular there will be an end user in place for final sale.
Estimate cost to get to that point is approximately $225,000 to $250,000.

Equity Invested: $75,000. Lot was originally purchased in 1971

Loan to Value: Phase one loan is first lien 50% LTV. Phase two
construction is 50% LTC.

Construction: 3200 square ft, 5 BR, 3 Bath, Star Rated home in Montvale, NJ


Joseph DeFranco
201-783-4903