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I have some experience in similar loans, 10% does not cut it. We loan to builders who buy five or six building lots in a subdivision, $200k or so per lot, the land is the collateral. They pay 12% and they pay legal fees for both sides.
Perhaps a fellow Pelican will help you out.
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"A machine you build yourself is a vote for a different way of life. There are things you have to earn with your hands."
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