Tim Feeney
Boothbay Harbor, ME (USA)
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Dora Highlands Resort Community
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Startup
Location:
Boothbay Harbor
Industry:
Real Estate
Year Founded:
2004
Number Employees:
1-10 people
Description:
Dora Highlands Resort Community is seeking Mezzanine or “Bridge” financing in the amount of $1.5 million to establish an escrow account with the primary lender to satisfy the refinancing terms of the existing loan. Next, finance the construction of two semi attached condominiums in Phase II A and one single family home in Phase I of the Home Owners Association. Finally, use remaining funds to reduce existing and upcoming “soft cost”. Investor will receive a total gross return of $2,010,000 dollars over two years with a 34% return on investment or a net profit of $510,000 dollars. Investor will remain in first position and hold title to two condominiums Phase IIA and one single family property in Phase I until sold off to future buyers.