The mining/Land finance program is geared for clients who have land worth more than 5 million.
The process is as follows:
- The client submits the following documentation:
- Loan App 1003
- Color Passport
- Use of proceeds
- Any pictures available
- A Real Estate valuation for the land ( can be from a RE agent who sells land or an appraiser)
- The client must understand the project parameters:
- The client must own land.
- Client will be funded in a step sequence. i.e. he will receive Y% LTV for the first tranche; the funds will be split to fund second tranche and to fund beginning operations; etc. until the total funds needed are raised.
- Funds for "trade" or "buy/sell" program will be placed with Lender approved platform source
- All front end costs of the transaction will be lender's responsibility to fund as principal on company behalf
- Client will agree not to withdraw or slow project once he has committed via an e-mail to Lender.
- Process will typically take 2-3 months to fully ramp to complete funding.
- Funds must be used for a real project with demonstrable ability to pay from operations subject to funding.
We also need ECFG LLC fee agreement and NCND to be executed by the client for compensation.
If any questions, we can typically answer in a conference call with the lender.
Note the one addition, in that funds raised are placed in an attorney escrow account for the trade –buy/sell. The account is in LA; the attorney firm is headed by 3 superior court judges in LA.
The trade is for 90 days with an option to do a rollover to generate more funds