3-Story SFR in Glendora
Loan Amount: $1,628,000
Loan Type: Construction
Originally a 3 acre lot, the owner split the lot and is now ready to begin a construction for a Mediterranean style SFR.
• Hillside project could imply complications and slowdowns for construction
• Borrowers have no development experience and are reliant on their GC
• Sponsor financials were adequate
Although the property was far from being stabilized, we realized the properties intrinsic value and proceeded with our loan process.
Aside from the land that the borrowers owned free and clear, Grand Pacific financed 100% of the construction cost and associated fees with the loan.
• Provided ample extension options
• GC was willing to guarantee the loan and has completed multiple SFR developments in Glendora
• Provided full term payment reserve
SFR constructions are one of our favorite types of loans to fund. We were able to leverage our expertise to aid our borrowers in funding this loan.