Featured Loan$1,900,000 Single Family Construction Loan
Loan Amount: $1,900,000
Loan-To-Value: 25% LTV (Lot) | 100% LTC (Construction)
Situation & Challenge
An active developer had acquired the property a year earlier, had finished the plans and permits, and had already started building, intending to self-finance the project. Then, another property the developer couldn’t pass up became available and they used the money set aside for construction of this property to acquire the new purchase.
This happens a lot with active real estate investors. Opportunities appear and financing needs emerge.
Solution & Result
First Capital Trust Deeds ran this luxury construction loan request through a bank and private money fund. The bank route was too time-consuming while the private lender greenlighted the loan request within the day.
An appraisal came back within five days and the loan closed in just under two weeks. The borrower received 25% LTV on the large view lot and 100% Loan-To-Cost (LTC) on the build.