A foreign national approached LFB to finance the purchase, development, and construction of a 34-unit single family home subdivision in La Quinta, CA.  The vacant plot of land had a tentative map approved but the sponsor had not yet submitted their development plans to the city for review. The closing date was rapidly approaching, and the sponsor needed quick bridge financing to close on the purchase.

Without approved development plans, the project was a bit pre-mature for an LFB construction loan. LFB reached out to its capital partner who quickly funded a $2,000,000 bridge loan to help the sponsors purchase the land and provide 12 months to complete and submit their plans to the city. Once the development plans are approved and the project is permit ready, LFB will underwrite a loan to refinance the bridge debt and provide funding for the land development and phase 1 vertical construction.

Despite the current volatile market conditions, LFB is still providing high-leverage construction debt for experienced sponsors and developers on their single and multi-family projects nationwide. We also work with brokers so please reach out today for a quote.