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LFB Ventures was approached by a client looking for construction financing to refinance an existing land loan, build 10 homes and remap an additional 17 lots into 21 lots. The subject property is the second phase of a much larger planned community that will have nearly 200 homes upon final build out which LFB will be financing on a rolling basis.
The loan was structured to retire an existing land loan, set up a holdback for the construction of 10 homes, and a soft cost allowance for the engineering and replating of 17 lots in to 21 lots. The homes average 2,300 square feet in size and will sell in the high $600,000 range.