A short-term rental operator approached LFB to assist them with construction financing for a 10-unit multi-family property in Dallas, TX. The group was partnering with the property owner to build the asset and operate as short term rental units once completed. LFB was able to quickly identify a lender who provided a $2,905,000 loan which represented 100% of the remaining construction costs.
The transaction was stalled for a few months due to an unresolved title issue. LFB worked diligently with the sponsor, their attorneys, and the title company in order to rectify the situation and clear the cloud on title in preparation for a successful funding. With the cloud on title lifted, the sponsor will now be able to seek conventional financing once the project is completed. This was a perfect example of LFB going above and beyond the financing to help solve a clients needs and do so in a timely manner.
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