LFB Ventures was approached by a local developer who was looking for financing to acquire and develop 5 acres of residential land in Central San Diego. Along with the acquisition and development financing, the request was also to fund the vertical construction for Phase 1 of the project. The sponsor had been working closely with the city for over 3 years to get entitlements in place, plans approved, and permits ready to build 20 single family homes and 27 townhomes on the site.

LFB provided the sponsors with 90% LTC, limited recourse, financing to acquire the site, develop the 47 lots, and build the first 12 homes of the project. LFB will provide additional financing to complete the remaining project on a rolling, phased basis. The project will offer four different floor plans with an average home size of 1,510 square feet. The sponsor’s experience, strength of the market, and centrally located site made this loan request a very attractive candidate for LFB’s construction program. We will continue to provide high-leverage construction financing for experienced sponsors and developers on their single and multi-family projects nationwide.