Construction completion of two SFR’s located on in-fill, view lots in a mature neighborhood of Woodland Hills. The highly experienced builder possessed the ability and capacity to see the project through to completion. Another positive component was the fact that the borrower had paid cash for all costs to date, so the LTC and LTV numbers were quite favorable.
Construction completion loans are a difficult animal given present market conditions. They have been made even more challenging due to the much changed policies and practices of the title industry; specifically, those practices related to issuance of Mechanic’s Lien Endorsements. In this case, the professional and hands-on broker worked closely with his clients to keep them committed to the process while SFG’s staff worked with four title insurers to place the required coverage.
Construction completion loans are not easy, but thanks to the combined efforts of the capable broker and the professional staff at SFG, the result was a happy ending for all.