Elgin, OK – New Construction

The Opportunity

A builder needed funding to build three spec homes in a development in the small town of Elgin, Oklahoma. But a ground-up construction loan wasn’t easy to come by.

Because of the size of the market, many lenders shied away from the project. After a search, the builders reached out to see if Lima One could help.

The Solution

Lima One funded the three homes in a $695K loan that offered 80% loan to cost leverage. The 65% loan to completed value leverage gave the builders access to the funds needed while balancing the risks of home prices in a smaller market.

The builder successfully completed and sold the homes, using Lima One’s financing to continue their growth. And with more projects under their belt, the builders will also qualify for higher leverage on future deals. It’s another way that Lima One partners with builders and investors to continue their success.