Arizona Land Parcel
$10,000,000 loan to acquire a 33 acre undeveloped land parcel in Avondale (Phoenix), Arizona.
Transaction closed within 3 weeks of application.
Purchase contract was expiring without any extension options, and the seller had backup offers in excess of the Borrower's contracted purchase price.
Zoning and municipal approval of the Development Plan had not been obtained.
Third party reports, title and survey had not been ordered.
Loan was structured to provide the Borrower with nearly 90% of the funds needed to complete the acquisition.
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