Loan Type: Construction
Having 20 years of contracting/development experience in ground up multi-unit property constructions; our Client was more than qualified to construct this project. However, some concerns Grand Pacific had were:
• Records showed signs of past financial challenges
• Necessity to construct, market, and sell multiple units within a confined loan term
• Borrower had limited liquidity
Valuing their current performance was used as the decisive factor for funding
Valuing their current performance was used as the decisive factor for funding.
• We provided a high LTV loan which includes land draw, soft costs, hard costs, and a full term payment reserve
• Extension option was provided to account for the possibility of requiring additional time.
Having witnessed success deriving from client’s experience, rather than financial records, we structured a loan that could satisfy the specific needs of our Client.