I found myself a little bit lost today when one of my loan officers asked where they should take a 3.2M commercial loan for a county entity. Apparently it's a high-LTV purchase (land + improvements), and the loan will be secured/backed by the county tax base. It's in Harris County (Houston). Aside from my contacts at local retail banks, I can't find any info about how these loans work.
Details (as requested by the Harris County Dept head via my loan officer):
Borrower: Harris County (medical or ambulance-related department)
Purchase Price: $3.4M
Down Payment: $250k
Term: TBD
Payments: Payments to be made once a year (per budget).
Property Type: commercial land + warehouse
Any advice or direction is appreciated.
-Johnny
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