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A developers dream where most of the leg work is done and the owners are willing to walk with you through approval. A special senior housing zone in which plans show 25 units allowing 3 occupants in which one occupant must be over 55 years old. The beauty of the location is its location just 12 minutes to Backus Hospital and 11 minutes in either direction on route 2 to either Norwich or Colchester shopping, crucial to the over 55 crowd. An added bonus to the location is its bordered by a trout stocked stream. A plan is available for the housing layout depicting the 25 units. This would bring the cost per unit to 18k per unit in land costs. Perc tests have been conducted and the Lebanon planning and zoning board is ready and waiting for a project here . A home run for a developer who can build either rental housing or owner occupied condos in an area screaming for more housing. If you are looking for a profitable project-here it is
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William Raveis Mortgage, LLC
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NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $359,920 | $359,920 | $359,920 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.125% | 7.125% | 6.375% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.880% | 7.295% | 6.644% |
Monthly Tax Payment | $424 | $424 | $424 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $2,425 | $2,425 | $3,111 |
Total Monthly Payment | $2,924 | $2,924 | $3,610 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.