Condo Development Land Loan 610
Type: Condo
Target: $800,000
Annual Return: 7.00 - 7.50%
Min-invest Amount: $20,000
Duration: 12 - 18 Months
· Investment Type： Land Acquisition Loan (First Lien)
· Minimum Investment： $20,000/share
· Loan to Value: 54.79%
· Projected Term：12-18 months
· Interest Disbursement： 6 months in advance for 2 times,then Quarter by Quarter
The property is in SheepsHead Bay, Brooklyn, with total buildable area of 11,148 square feet, situated on a 2,787 square feet lot.
Zoning is R7A, Far is 4.00.
Currently there is a 2 story residential building in the lot, developer will demolish the building and build a condo building. The
land acquisition cost is $1,460,000.
Next to bus stop, 4 minutes walking to subway, 30 minutes commuting to Manhattan.
The property is in SheepsHead Bay, Brooklyn, with total buildable area of 11,148 square feet, situated on a 2,787 square feet lot.
Zoning is R7A, Far is 4.00.
· Lot Size： 2,787 SQ. FT
· Building Area：11,148SQ. FT
1. Perfect Location
This project is located in SheepsHead Bay, Brooklyn; Walking distance to metro station; 30 minutes commuting to Manhattan, 26 minutes driving to Manhattan island, 10 minutes driving to the Manhattan Beach. This land is in densely populated area, highly demand for new resident condos.
2. Booming Condo Market
Based on the statistical data from Trulia. From 2012 to 2017, The houses' average sale price in Brooklyn went up by 30% each year and the price is keep rising. The promising property market in local area will be a strong support of the project operating & return of the capital from our investors.
3. First Lien
LTC ration is 54.79%. Crowdfunz holds the first lien to this property. All documents will be filed in NYS, we will make sure the investors’ money is secured by property.
4. Low Land Cost
Based on the zoning and FAR of this land, the buildable area is 11,148 sqft. Land acquisition cost is $1,460,000, average buildable area price is $131/sqft, far lower than average in this community.
Subscription Agreement (Only available to accredited investors)
Appraisal (Only available to accredited investors)