Construction Loan for Custom Home in Saint Augustine, Florida

Funded by Center Street Lending

$1,003,750

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

09/12/2024

Property Type
Single Family Residence
Property City

Saint Augustine

Property State

FL

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Construction Budget

$978,750

Construction Budget Funded

100%

Completed Value

$2,892,376

Loan-to-Completed Value

35%

Construction Project Scope

Vertical

Location Type

Suburban

Property Condition

Vacant Land

Occupancy at Closing

Vacant

Building Square Footage

5,045

Borrower's Plan

Build and Sell

Exit Strategy

Sale

Deal Highlights

Borrower has three closed loans with CSL and came to us when he started.
Easy execution and draws in a timely manner.

Deal Summary

Center Street Lending, a direct lender for residential real estate investors, funded a $1,003,750 first-lien position ground-up construction loan for a single-family home in Saint Augustine, just south of Jacksonville, FL. The Borrower is an experienced builder who has closed 3 loans with us. He requested the loan shortly after the project had started. The property value was estimated to be $2,900,000 upon completion so our loan is around 35% loan-to-value. We funded 100% of the $978,750 construction budget. This new modern luxury coastal design was presented by McFarland Family Homes in the gated golf community of Palencia. The size will be 5,045 square feet of interior space. With 5 bedrooms and 5.5 baths, the home will be perfect for entertaining. The Borrower plans to sell the property as an exit strategy. The loan term was set at 12 months. This ground-up construction project was completed in September 2024.

Funded By

Center Street Lending

Smarter Loans for Residential Investors

Dealmakers

Jeremiah Wiedman

Vice President of Lending

When it comes to funding your loan, Jeremiah Wiedman will be your best friend. He looks at every opportunity objectively and excels at finding innovative solutions to quickly and efficiently close deals. He thrives on repeat business and finds his clients staying close to his side.

Prior to his role on the Sales team at Center Street Lending, Jeremiah was a top producer at 5 Arch Funding Corp, having closed 161 loans for $73MM.

Jeremiah is deep-rooted in the private lending industry having gained broad experience with Realty Shares as Associate Director of Originations and Sales Manager at Lending Club and LoopNet, Inc.

Jeremiah holds a Bachelor of Arts in Psychology from the University of Colorado, Boulder.

Jeremiah has consistently won many professional accolades and most notably ranked 1st in loan originations at Realty Shares and 1st in Quality Assurance out of all Operations in December 2014.