Palatine – Land Development, 17 Improved Lots

Palatine – Land Development, 17 Improved Lots

Client : A commercial real estate developer focused on northwest suburbs of Chicago (Hoffman Estates, Palatine, Schaumburg)

Transaction : Refinance and development loan for 5 Acre parcel of land subdivided and approved for 17 buildable lots located in the William Fremd School district in Palatine.

Challenge : Client wanted to obtain short term development land financing to improve lots and sell to national home builder.

Opportunity : Sherpa Capital Group LLC was able to provide financing secured by 17 improved lots ready for build. Lots located in a highly attractive school district and market for newly built homes in the $650,000-$750,000 price range.

Action : Sherpa Capital Group LLC provided a first mortgage structured at a sub 35% loan to value.