The Client
Experienced real estate developer purchasing a piece of land for the construction of a 12 unit Multi-Family Complex.
How We Helped
As a Foreign National, the developer has used personal cash to finance prior builds, due to the struggle of getting construction financing as a non-US citizen.
We were able to secure a purchase loan for the piece of land that will roll into a vertical construction loan, once permitting is complete. At 50% LTV for the land purchase, and 65% LTC construction loan once the project is shovel ready, the borrower would happily be able to retain more of their personal funds.
Loan Details
| Nationality | Property Value | Loan Amount | LTV | Rate |
| China Citizen | $1,500,000 Land purchase | $750,000 | 50% | 8.99% |
| Term | State | Property Type | Purpose | Loan Type |
| 24-month total term with possible extensions | Tacoma, Washington | Multi-family construction | Purchase | Land/Construction |
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