Mena, AR

The Opportunity

A broker had a client looking to finance fix and flip projects in Mena, Arkansas, a small town near the Oklahoma border. Because the area was considered rural, financing was hard to find with most business purpose lenders, even though the numbers on the flips were rock solid. The flipper needed financing to successfully complete the flips and profit from these promising properties.

Thankfully, the broker had a longstanding relationship with a loan officer who had recently joined Lima One. The broker trusted the loan officer to get deals done, and so he made the call to see how Lima One could help.

The Solution

The broker and the flipper were impressed by the terms Lima One offered on these flips, including 90% blended LTC and competitive rates and fees. And they were glad to hear that Lima One takes a common-sense approach to lending in rural areas like Mena, providing more opportunities than other national private lenders offer.

Lima One also helped the borrower with an appraisal reconsideration of value to ensure full leverage on the true value of the property and also offered the best possible pricing thanks to partnership between Lima One’s in-house sales and underwriting teams.

Plus, the borrower knows that Lima One can provided financing if he decides to hold the flips—with discounts available on DSCR refinances of Lima One flip loans with no additional seasoning required.

The results have been impressive. The flipper is rehabbing the properties quickly, and seamless work from Lima One’s in-house construction draw team has kept the project on schedule. The flipper is ready to complete the flips on time and on budget as he continues to scale his business.