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New Construction

4 New Construction Builds – Salem, UT

Lima One Capital helped a fee builder level up his on-title experience by funding four spec builds in Salem, Utah.

By the Numbers:

$2,674,980

Loan Amount

$2,251,948

Construction Budget

80.79%

Loan to Cost Leverage

$3,859,000

After-Repair Value

69.24%

Loan to After-Repair Value Leverage

The Opportunity

A builder who had successfully completed several fee builds but had limited on-title experience needed financing to continue growing his career with spec builds in Salem, Utah, south of Provo. He needed a financing partner that would give him credit for his experience successfully leading ground-up projects so that he could move forward building his business.

The Solution

Lima One translated his fee-build experience to make this builder eligible for financing from day one, allowing him to start his first project. On future projects, Lima One used its previous borrower underwriting and met an extremely tight deadline by closing a loan in 10 business days.

Now, the builder gets the most advantageous loan pricing and leverage because Lima One has qualified his full experience. So far Lima One has financed four ground-up projects for this builder, with more projects on the horizon.