SAN DIEGO, CALIFORNIA, April 25, 2023 (GLOBE NEWSWIRE) — International Land Alliance, Inc. (OTCQB:ILAL), (“ILAL” or the “Company”), an international land investment and development firm, today reported the execution of its first construction financing contract to build a custom single-family home at its Rancho Costa Verde (“RCV”) development. As previously announced, the Company is raising $5 Million, pursuant to 506 (c), to launch a new mortgage division by issuing preferred stock. The majority of funds will be allocated to finance loans to purchasers of our real estate products in Baja California, Mexico, including home sites, home construction and finished homes.
RCV has sold over 1,000 residential lots and built 55 single-family homes with 38 under construction. This is in addition to a completed boutique hotel and clubhouse. To date, all of the homes have been built and paid for in cash. The Company is experiencing significant demand from its 1,000 owners to commence construction, creating a backlog of demand for financing. This is expected to generate in excess of $200,000,000 (estimated at $200,000 per home) in construction services. As the land cost and majority of sales and marketing costs are recognized in the lot sales, we see significantly higher margins in the ongoing home construction.
For more information about the Company, please visit RedChip’s ILAL page at https://ilalinfo.com/.
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB: ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
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