LFB Ventures was approached with a financing request to complete the construction of a 13-unit single family subdivision in Mill Valley, CA. The sponsor had already begun the first phase of the project however, due to unforeseen COVID related issues, the General Contractor had to walk from the project. The borrower had to identify a new General Contractor in the midst of a pandemic, while also contributing more capital to the project as construction costs were increasing.
The borrower also had a previous construction loan that was nearing maturity. LFB Ventures quickly stepped in and provided financing, through one its correspondent lenders, for 100% of the remaining construction costs. LFB was also able to navigate complex title issues and mechanics lien concerns in order to get the loan across the finish line. Once completed, the 13 homes will be 2 and 3-stories ranging from 1,345 to 2,508 square feet and are expected to sell in the $2.0mm-$3.5mm range.
stay in touch