2315 Rambling Way Lithonia, GA

The Opportunity

A Georgia builder found a prime vacant lot in Lithonia, just behind Lithonia High School in the DeKalb County suburb. Based on his vast experience, the builder knew that a starter home was a perfect fit for the neighborhood. So he set out to build a four-bedroom, three-bathroom home at an affordable price point that would make sense as a residence to sell or a home to hold and rent.

The builder had a long relationship with Lima One Capital, so he reached out to his loan officer to start the new project.

The Solution

Based on his experience of successful builds, the customer got greater leverage and lower interest rates from Lima One on this property. This included 89% loan to cost leverage, including funds for the the full construction budget, and 70% loan to value leverage based on the listing price once the property is finished. The builder also did not have to pay interest on construction funds until they were drawn, while benefitting from fast draws thanks to Lima One’s in-house construction draw process.

The result was an efficient build that saw the property hit the market in less than six months. This was another successful project for the builder, who has now financed 11 new builds for with nearly $3 million of loans over six years. Lima One continues to help this builder grow his business and take home profits.