Case Study$893,000 Lot and Construction Loan
Loan Amount: $893,000
Loan-To-Value: 50% LTV (Lot) and 100% LTC (Construction)
Situation & Challenge
The builder had finished the plans and permits (soft costs) on this luxury new construction project in the Bay Area and needed to lock in financing – quickly.
Not many challenges here. First Capital Trust Deeds needed to get the loan funded within two weeks because the seller financing on the vacant lot was coming due and the builder was ready to break ground.
Solution & Result
First Capital Trust Deeds worked with one of our better ground-up construction lenders to refinance the seller financing and provide 100% construction financing on the build.
The loan closed on-time with a cash-out portion going to the builder at closing.