Brasada Estates 2
San Dimas, CA
$33,840,298
Construction & Land Bank Financing for Luxury Subdivision

LFB Ventures was reengaged by a client seeking financing within a 65 estate lot, 277-acre subdivision in the foothills of San Dimas, CA.  The initial financing completed in November of 2021 allowed for the construction of 4 production homes and used 2 model homes and 7 finished lots as collateral.  Once again, LFB Ventures worked with the sponsorship group to structure a subsequent round of financing that considered both the immediate and longer-term needs of the sponsor.  LFB Ventures financed the construction of 9 production homes, and released 9 finished lots which will be built as part of a third round of financing the sponsor believes will be needed in October of this year.

 

Demand within the project remains strong with seven of the nine vertical starts being presold.  The success of this project is also evidenced by the strong appreciation in sales prices over the 7-month period following the initial round of financing with contracted sale prices ranging from $2,910,000 to $3,920,000 with a number of buyers electing to pursue available upgrades and packages.

 

By stretching the total loan commitment to 69% LTV and utilizing land equity lift, LFB was able to close this loan without the need for any additional cash equity.  LFB will continue to strategize with the sponsorship group to ensure they can continue to capture demand in this dynamic market.

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