Loan Term: 12 Months
Here’s an example of the recently financed project in San Francisco that when completed will feature 6 high-end condominium units and 1 retail commercial space.
This project was 45% complete when the loan request entered my table. The developer initially issued a letter of intent from a major bank, but the bank couldn’t carry out when it came time for funding. The project was stalled for 6 months.
Construction completion loans especially a multi-unit project) tend to be challenging because of mechanics liens, obtaining the title insurance coverage, as well as narrowing down the actual budget so the developer doesn’t fall short.
Our fund has specialized in construction lending for the previous eighteen years and this enables usto put together unique deals. The developer for the San Francisco project was so pleased with our team that requested if our construction manager could carry on and consult on the remaining work.
As a matter of interest, we were able to fund this as a 2nd mortgage behind a 1.6 million dollar 1stTD!
For more information please call 925.852.8261 and find out how we can fund your next project in the San Francisco Bay Area.