Gulf Coast New Construction Single-Family Home
New Construction Loan funded in Clearwater, FL
Recently, one of DLP Lending Partners’ top-tier Line of Credit borrowers came to us with a request to finance the new construction of a single-family home located on the beautiful Gulf Coast of Florida. Their overall goal was to build and sell this new home within a 9 month period.
This particular borrower brought a wealth of experience to the table, having already flipped 21 properties, 11 of which were financed by DLP Lending Partners in 2019. Needless to say, this level of expertise and success is exactly what we like to see when funding Build2Sell loans, so we agreed to finance the borrower once again. We funded the deal at the full $172,500 requested with a 75% LTV and interest rate of 9.99% over 1 year.
Over the course of 9 months the borrower designed and constructed a stunningly beautiful single-family home. They didn’t miss a single detail inside or out. The open concept floorplan combined with a contemporary interior truly brought the home to life. Likewise, great attention was paid to ensure that the exterior had the necessary curb appeal to attract buyers. Clearly, their design concept worked! They successfully purchased, built, and sold the home for $230,000 within the 9 months period they had planned for.
We loved seeing yet another successful project on the books for our borrower and look forward to funding their future projects.
Borrower Experience Level: At the time of funding the loan, this top tier borrower was extremely experienced and had successfully flipped 21 homes.
Line of Credit Borrower: Yes
Loan Type: New Construction
Loan Amount: $172,500
Loan to Value: 75%
Interest Rate: 9.99%
Length of Loan: 12 months
Purchase to Sell Length: 9 months