Case StudyMulti-Family Ground-Up Construction Loan
Loan Amount: $775,000
Loan-To-Value: 55% LTV
Situation & Challenge
An investor who owned the lot free & clear, had completed plans and permits, was ready to build but didn’t have time to go with the somewhat tedious process of applying for bank financing.
Since the project was shovel ready, the only challenge was verifying the project specs and borrower application (experience and financials), which all checked out.
Solution & Result
The borrower decided to take out a private money ground-up construction loan to build the multi-family building. From application to closing, the loan took 16 days to close with an initial cash-out draw at closing.