Southampton Land Cash-Out Refinance
$2,240,000
Southampton, NY
- Loan Type: Recapitalization Financing
- Property: 25 acres of undeveloped residential land, subdivided into five lots.
- Scenario: Proceeds from Trevian's loan were used to pay off existing defaulted debt on the Property, settle a number of personal debts of the sponsors, and provide a return of equity.
- Result: Trevian selectively lends on undeveloped land in liquid markets and at a low basis. In this instance, Trevian was able to provide a timely and flexible solution to the sponsors, including a substantial return of cash, in light of the low loan-to-value.
