951/I-75 Land Parcel

Naples, Florida

$3,700,000 Sale/Repurchase Option

Collateral Description: 74 acres of land, comprised of 25 acres of commercial property and 49 of residential property, located east of I-75 in Naples, Florida.

Borrower Description: Seller/Assignor was unable to obtain debt financing to close purchase, and, therefore, would lose $400,000 in non-refundable earnest money.  

Option: Cypress closed on the land for $3,700,000 and executed a repurchase option for a 4-month period  plus extensions for an additional fees.

Loan-to-Value: 39% LTV on current 90-day “quick sale.”  Property appraised at $9,606,000.

Status: Seller/Assignor exercised its option and repurchased the Property within six months.