Crawfordville, FL – Build to Rent

The Opportunity

A veteran Florida builder wanted to refinance five recent builds in the small Florida town of Crawfordville  as part of his build-to-rent strategy. These cash-out refinances needed to help him capture profit from the builds while also protecting cash flow on an ongoing basis.

The builder, who had financed 38 different new construction projects through Lima One, reached out to his loan officer about DSCR financing.

The Solution

Lima One’s versatile product suite was just what this builder needed. By offering cash-out refinance DSCR loans at 74% loan to value leverage, Lima One allowed the builder to take proceeds from the builds while holding the properties in his portfolio. It also gave the builder flexibility to rent out properties when those profits were most attractive, while retaining the option to sell properties if the right offer comes along, as it had with three previous build-to-rent projects the builder had financed with Lima One.

This continued the builder’s strong partnership with Lima One. Lima One has now financed $6.4 million in loans for the builder. The builder has benefited from Lima One’s commitment to help him build his business and continues to talk to Lima One about more loans to come.