San Antonio, TX
Carlyle Capital funded a $29.5 million multi-family and single-family land development loan for a commercial property in San Antonio, TX. This was a land servicing loan in which the developer had secured sales of parcels to various national homebuilders. The additional capital needed allowed the developer to refinance the current debt and provide funds to be used toward final engineering and permitting. The lender had strong development experience with similar projects as well as provided a solid exit strategy. The interest rate was 11.99%, LTV was 55%, and the loan term was 24 months. Carlyle Capital was able to quickly close the entire deal in a 3-week period, in August 2018.