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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
04/05/2024
Property Type
Property City
Delray Beach
Property State
FL
Loan Term (months)
18
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$850,000
Construction Budget
$931,110
Construction Budget Funded
100%
Builder's Contribution to Budget
0%
Completed Value
$2,800,000
Loan-to-Completed Value
38%
Construction Project Scope
Vertical
Location Type
Suburban
Property Condition
Vacant Land
Occupancy at Closing
Vacant
Lot Square Footage
7,105
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
Center Street Lending, a direct lender for residential real estate investors, funded a $1,08,110 1st lien position ground-up construction loan for a single-family spec home in Delray Beach, FL. The land value was estimated at $850,000 and was owned free and clear. We funded 100% of the $931,110 construction budget. The completed value was estimated at $2,800,000 so our loan-to-value was 38%. The Borrowers had trouble finding financing previously since they are not US citizens. Given the strong equity position they had in the land, we were able to fund the entire project costs and closed within 4 weeks of receiving the loan application. The home will be a luxury residence on a 7,105 square-foot lot, located in the heart of the prestigious La Hacienda neighborhood, just minutes from Downtown Delray Beach. The Borrower plans to sell the property upon completion of the project. The loan term was set at 18 months. This SFR ground-up construction loan was funded in April 2024.
Funded By
Center Street Lending
Smarter Loans for Residential Investors
Dealmakers
Tanner Podres
Loan Originations Manager
Tanner is a former division 1 golfer and graduate of the Orfalea College of Business at Cal Poly San Luis Obispo, where he studied finance and economics. Through his former experiences as a student athlete, Tanner thrives in the team environment and took that same attitude here to Center Street Lending. Tanner started as a Sales Analyst in 2021 and in just less than a year became a Loan Origination Officer in 2022. As a Loan Origination Officer, he makes his borrowers feel a part of the Center Street team every step of the way which creates trust and loyalty. Tanner is looking forward to guiding you through your next loan.
Tanner Podres
Loan Origination Manager
Our borrowers were seeking construction financing for a new spec home in Delray Beach. They had trouble finding financing previously given their residency status in the US. Our team was willing to jump in and help given the strong equity in the land. We closed on this construction deal within 4 weeks of receiving the borrowers application. The borrower was very happy we were able to close on this in a quick and efficient manner. If you are a borrower looking to invest in ground up construction or fix and flip feel free to give me a call. I would love to help you on your next project. 949-696-5670.