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New Construction Portfolio Loan – Gray Court, SC

A veteran South Carolina builder who had closed 50 new construction loans with Lima One owned a dozen lots in Gray Court, South Carolina, an exurb of Lima One’s hometown of Greenville, S.C.

By the Numbers:

$2,415,600

Loan Amount

$2,234,000

Construction Budget

90%

Loan to Cost Leverage

$4,175,000

Appraised After-Repair Value

57.86%

Loan to After-Repair Value Leverage

12

Single-Family Homes

The Opportunity

A veteran South Carolina builder who had closed 50 new construction loans with Lima One owned a dozen lots in Gray Court, South Carolina, an exurb of Lima One’s hometown of Greenville, S.C.

With a major automobile battery plant coming to the fast-growing area, the builder wanted to capitalize by building 12 single-family homes with affordable prices under $400,000. The opportunity was ripe, and the builder wanted to move fast.

The Solution

Lima One closed the loans in record time, expediting appraisal requests and streamlining underwriting because of the strong history with the builder. With the entire in-house team of sales, construction budget reviews, underwriting, and processing working together, Lima One moved the file from submission to the closing table in less than two weeks.

The $2.4 million loan funded 100% of the construction budget for 12 new builds, allowing the builder to bring homes to the market and capture profit. The builder once again found the right financing solution by working with Lima One.