LFB Ventures was approached by a client looking for financing to retire existing debt on a portion of their community, while completing the construction of 4 luxury single family homes. The project was acquired, entitled, and developed as 65 estate lots, on a 277-acre property in the foothills of San Dimas, CA. With model homes built, and some existing spec homes sold, and others going under contract, LFB had to move quickly to provide financing in time to meet the increasing homebuyer demand. The homes range in size from 4,476 to 6,261 square feet with projected sales prices between $2,500,000 and $3,400,000.
In addition to the 4 production homes, and 2 model homes financed, LFB was able to land bank another 7 lots within the collateral package to prepare them for the next phase of homes to start. The construction loan stretched to roughly 83% LTC and will be retired through the sale of the 4 pre-sold homes, refinance of the 2 models homes, and a new construction loan to build out the other 7 land banked lots. LFB is also currently working with its client to structure a credit facility to develop and build out the remaining 35 homes within the community.
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