Would you like to earn interest income while supporting Orange Splot’s creation of new communities?
With rising real estate prices, it’s becoming increasingly difficult to get affordable property that can be developed into reasonably affordable homes. Over the past few months, we’ve been approached at various times by people interested in selling property specifically so it can be developed into small communities. Not all are good matches or good deals, but some are. To make these communities happen, we need investors to help acquire property for future development.
To hold property for development of small communities of relatively affordable homes by Orange Splot LLC and/or a community based non-profit organization.
Typically a 1st position deed of trust, promissory note, and personal guarantee
Typically 5%-6% interest; up to 75% LTV; paid monthly or quarterly; no origination fees; borrower covers all costs; 2-5 year term; no prepayment penalty
$20K – $1M
As property becomes available
Lender needs to be friends/family or an accredited investor
Friendly Financing for Voluntary Inclusionary Zoning:
We’ve done some thinking about how we (or other developers) could use friendly financing terms to support efforts to include long-term affordability within developments. Here’s Eli’s blog post summarizing how this could work.
2016 Lender Packet
Orange Splot is also looking for financing on current projects. Read the 2016 Lender packet to learn more about current projects and financing terms.
For more information, contact Eli Spevak at (503) 422-2607