Deal Details
Private Loan Type
Refinance
Approx. Funding Date
04/01/2023
Property Type
Property City
Greensboro
Property State
GA
Loan Term (months)
13
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Condition
Brand New Build
Occupancy at Closing
Vacant
Deal Summary
Lima One Capital, a direct lender for residential real estate investors, funded a $1,080,000 1st lien position bridge loan secured by two single-family homes in Greensboro, GA. A Georgia-based builder was finishing up two new home builds but wasn’t ready to choose whether to hold them as rentals or sell them on the market, given the uncertain 2023 market conditions. He wanted to get some cash out for future construction projects while maintaining exit strategy flexibility to maximize profit. A broker connected this builder to Lima One. Lima One’s Bridge Plus loan provided this builder with the perfect combination of certainty and flexibility. With the 13-month, interest-only loan, the builder got cash-out and maintained the ability to sell at any time with no prepayment penalty. This loan solution allows the investor to wait out the market to see whether rentals or new home sales will provide the best return on investment. This SFR refinance bridge loan was funded in April 2023.