New Development – Saugatuck, MI

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Note Size: $267,000
<$100K Remaining

2023MI6696-GU

Note ID

2,393 SqFt

Size

3

Bedrooms

2.1

Bathrooms

Description

Aloha loan covers ~50% of the total project cost to build the home and the proceeds will be distributed based on work completed. The fully funded loan will be at ~ 36% of the appraised value of the completed home.

This project is a new build in a residential neighborhood just outside of Saugatuck, MI. This is a highly visited, tourist area near the shore of Lake Michigan. The home is being built with
CSIP (Concrete Structural-Steel Insulated-Inter-Locking Panels) which allow for quick construction of the exterior and interior shell and are fire proof, earthquake proof (9R), and resistant to pests, rot and mold.

The build time is significantly reduced and it is expected that the interior finish work will begin in October 2023 with a plan to list the home for sale in February 2024. A local real estate agent already has interest from several buy side clients they represent in the Chicago area.

Address

Address: 6696 Yamoto Way, Fennville, MI 49408
  • Country: United States
  • Province / State: Michigan
  • Postal code / ZIP: 49408
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  • Note ID 2023MI6696-GU
  • Price Note Size: $267,000
  • Property Type Single Family
  • Property status <$100K Remaining
  • Bedrooms 3
  • Bathrooms 2.1
  • Year Built 2023
  • Size 2,393 SqFt
  • Land area 20,473 SqFt
  • Label Partial Note
  • Garages 2
  • Note Type Infill Development
  • Whole Note - Annual Yield (%) 11.0%
  • Participation - Annual Yield (%) 10.5%
  • Loan Maturity Date (MM/DD/YY) 08/30/24
  • Property Current Value ($) 45,000
  • Property Construction Budget ($) 501,767
  • Property After Repair Value ($) 733,000
  • Loan to Current Value (%) 0%
  • Loan to After Repair Value (%) 36.53%
  • Loan Exit - Est. Profit ($) 44%
  • Loan Exit - Est. Profit (%) 44%

Supporting Documents

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Sponsor & Guarantor

Alfred S.

Alfred is an experienced real estate investor and project manager for other developers. He is based out of Los Angeles with active projects in Michigan and Nevada.
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