Loan Type: Construction
What started out as a SFR and a duplex on adjacent parcels was proposed to be replaced by a modern 17-unit residential property with a subterranean parking lot.
• This property would become the 3rd simultaneous construction project for the sponsor and general contractor
• Required a high leverage construction loan
With multiple developments on hand, Grand Pacific was concerned about funding a highly leveraged project.
What gave us the confidence to fund this deal was an experienced Sponsor with a positive track record with like-kind project and his partnership with a proficient general contractor.
• Full term payment reserve and multiple extension options to provide the project sufficient time for completion
• Funded 100% of construction hard costs
• Funded partial soft costs
• Provided a partial land draw