)
Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
12/02/2023
Property Type
Property City
Atlanta
Property State
GA
Loan Term (months)
13
Payment Type
Interest Only
Property Value
$3,100,000
Loan-to-Value
85%
Construction Budget
$860,000
Construction Budget Funded
100%
Completed Value
$5,500,000
Loan-to-Completed Value
52.25%
Construction Project Scope
Horizontal
Property Condition
Brand New Build
Occupancy at Closing
Vacant
Building Square Footage
6,900
Deal Summary
Lima One Capital, a lender for residential real estate investors, funded a $2,874,700 1st lien position mid-construction refinance of a luxury single-family residence build in Atlanta, GA. The property value was $3,100,000. The completed value was $5,500,000 so our loan-to-completed value was 52.25%. The Borrower is a repeat customer who wanted to get cash out while also allowing funds to finish construction and get the home on the market. Lima One financed the deal in less than 30 business days at a blended 85% loan to cost at the as-is value. This loan has an interest-only 13-month term and fully funds the remaining $860,000 construction budget with no interest charged on undrawn construction funds. This unique mid-construction deal gives the Borrower cash out while allowing them to finish the completion of the property. The subject property is approximately 6,900 square feet. This SFR construction loan was funded in December 2023.
Funded By
Lima One Capital
The Nation's Premier Lender for Real Estate Investors