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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
01/15/2016
Property Type
Property City
San Bernardino
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$550,000
Loan-to-Value
58%
Borrower's Plan
Long-Term Rental
Exit Strategy
Conventional Loan
Deal Summary
Lantzman Lending, a hard money lender, funded a $320,000 1st lien position hard money ground-up construction 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 conventional loan to pay off our 1st trust deed hard money loan. This hard money ground-up construction loan was funded in January 2016.
Funded By
Lantzman Lending
San Diego, CA