$2.65M loan for the development and subdivision of a 23-acre parcel into six building lots and one lot with existing improvements. Due to the fact that there was an existing mortgage on the property and the lender would not allow a partial release of the collateral (excess land for subdivision), an unencumbered vacation home was provided as additional collateral to make the deal work. The loan was underwritten at 65% LTV with a two year term with a coupon of 4.25% fixed.  The property is located in Chester County, PA.