New Construction Loan – Phoenix, AZ

The Opportunity

Phoenix-area builders had his next build ready to go, but their local hard money lender couldn’t deliver the financing they needed. The builder was in a lurch and needed another lender fast.

A member of the builder’s team had just attended an event that his title company co-sponsored with Lima One. After meeting with Lima One’s executives and team, the company reached out to see if Lima One could help save the deal.

The Solution

Lima One underwrote the borrowers and the deal with incredible speed, closing the deal in less than two weeks. The $1.04 million construction loan offered 95% loan to cost, including 100% of the construction budget. With 65% leverage on the $1.6 million after-repair value, the loan gives the builders plenty of room for profit after construction is complete.

Meeting Lima One at just the right time didn’t just save this deal for the builders—it provided another source of reliable capital that will help them scale their business. Within 30 days, the builder submitted two more new construction loan applications for builds on the same Phoenix street, benefitting from economies of scale and consistent financing from Lima One. The new partnership opens new doors for the builders as they continue to grow.