Alamo Heights, TX
Single Family Residence
Residential Ground-Up Construction06/24/2019
Lead Funding closed a $630,000 private money loan to purchase and rebuild a single family home in Alamo Heights, north of San Antonio, TX. The Borrower is an experienced builder who had successfully completed a few other projects in the area and was seeking a new lending partner. The purchase price was $333K. The Borrower put down $33,000 cash for the purchase, and we funded the remaining 90%. We also provided 100% of the construction budget, which is estimated at $330,000 and will be released in several draws. The existing structure will not be torn down, but the project entails a complete rebuild, plus a 2nd story and additional square footage on the ground floor. Approximately 2,000 square feet will be added to have 5 bedroom, 3.5 baths and a 2-car garage. Upon completion, the Borrower plans to sell the home for around $860,000. The loan term is 12 months. This private money construction loan was funded in July 2019.