Case Study$12,500,000 Commercial Construction Completion Loan
Loan Amount: $12,500,000
Loan-To-Value: 60% LTV
Situation & Challenge
The developer needed a mid-construction completion loan to fully renovate the building, which would become an elder care facility.
The challenge was to find the best private loan package that would pay off the existing debt and provide construction completion financing to see the project through to the finish line.
Solution & Result
First Capital Trust Deed’s worked with a Los Angeles-based fund to quickly structure the loan in a way that worked best for the developer and the lender at excellent pricing.
$12,500,000 loan, with nearly $3 million in construction completion funds, closed in less than three weeks. The fund manager did a site inspection walkthrough rather than order an appraisal, which allowed for a quicker close.