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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
10/18/2022
Property Type
Property City
Simpsonville
Property State
SC
Loan Term (months)
13
Lien Type
1st Mortgage
Payment Type
Interest Only
Construction Budget
$359,563
Construction Budget Funded
90%
Builder's Contribution to Budget
10%
Completed Value
$514,000
Loan-to-Completed Value
67.7%
Construction Project Scope
Horizontal
Location Type
Suburban
Property Condition
Brand New Build
Number of Units
1
Lot Acreage
0.59
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
Lima One Capital, a lender for residential real estate investors, funded a $348,120 1st lien position ground-up construction loan for a single-family home in Simpsonville, South Carolina. We funded 90% of the $359,563 construction budget, while the Builder contributed 10% cash at closing. The completed value was estimated at $514,000 so our loan-to-completed value was 67.7%. The Builder completed the project in just six months and put the home on the market, and sold the home at a premium of $658,000–nearly $150,000 over the appraised value. Lima One’s in-house construction draw team helped keep the project moving quickly, allowing the Builder to achieve a highly successful exit quickly. The result is more than $200,000 in profit for the Builder, along with a thrilled homebuyer. The subject property is approximately 0.59 acres. The loan term was set at 13 months. This SFR ground-up construction loan was funded in October 2022 and paid off when the home was sold in July 2023.
Funded By
Lima One Capital
The Nation's Premier Lender for Real Estate Investors