Developer made a strategic purchase of 7 fully entitled townhome building lots from the bank. Even though the area has experienced high demand, conventional lenders were hesitant to lend on new construction projects. The property is located adjacent to a successful townhome project in the desirable community of Parker, Colorado. Designed as entry level housing, the project should meet the market very well. Borrower brought in additional funds and provided additional collateral at our request. Foundations are already in and vertical construction to commence upon loan closing.
LVT (loan to value) ratio is approximate 50%.