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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
04/12/2019
Property Type
Property City
Arapahoe County
Property State
CO
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
50%
Borrower Credit Rating
Excellent
Deal Summary
Lead Funding, a Colorado-based private lender, funded a $2,300,000 1st lien position private money construction loan for a large single-family home development project in Eastern Arapahoe County, CO. The developer had a very large operation and has completed several large developments in the area over the past few years. On this particular development, we have provided financing for several phases of the 150-lot project. A number of the homes have already been built and sold. Our most recent loan was a total of $2.3MM for the horizontal and vertical construction of 8 homes. The loan-to-cost was just under 100%. The estimated sale price for each home is $575,000 which will result in a 50% loan-to-value. The builder offers 10 different models to choose from. Ranch and two-story models to choose from. Many features can be upgraded at the buyer’s option. This SFR ground-up construction loan was funded in April 2019.
Funded By
Lead Funding
Direct Lender Funding up to 100% LTC plus Rehab (max LTV restrictions apply)