San Bernardino, CA
2-4 Units Residential
Residential Ground-Up Construction01/15/2016
Lantzman Lending funded a $320,000 hard money loan for the construction of 2 detached single family homes in San Bernardino, CA. The Borrower is an experienced developer who owned the land free-and-clear. We used the raw land as collateral and funded 100% of the total construction costs. One of the structures is a 1,200 square foot single-story home and the other is a 1,900 square foot two-story home. The construction project was completed in less than 3 months and the estimated value is approximately $550,000, resulting in a 58% LTV (loan-to-value). The Borrower plans to rent the 2 homes and hold them as a long-term investment. He will soon refinance with a convention loan to pay off our 1st trust deed hard money loan.