Private Construction Loan for Brooklyn 4-Unit Condo Project

In November 2014, Owemanco funded a $2.7M private construction loan for a 4-unit condominium project in the Williamsburg neighborhood of Brooklyn, New York. The Borrower is an experienced real estate developer who chose to work with us due to our professionalism, fast funding and vast experience in the New York City market. The total construction cost of the project was over $4.3M and the future value upon completion was estimated at over $5.5M. Therefore, the loan-to-value for this loan was 48% LTV. The Borrower plans to sell each of the 4 units upon completion and pay off this construction loan within 2 years.