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301 Margaretta Drive in Greenville, SC
A luxury home builder used Lima One’s flexible financing and in-house servicing to ensure a profitable exit.
By the Numbers:
$1.155M
Loan Amount
$1.65M
After-Repair Value
70%
Loan to Value Leverage
The Opportunity
A luxury home builder wanted to build a spec home in a new high-end development in Greenville, SC. They came to Lima One to finance the property. Because the developer already owned the lot, they wanted to max out the financing on the construction budget in their ground-up construction loan.
The Solution
Lima One closed the loan with no down payment because the developer owned the land free and clear and financed the entire construction budget with no interest charged until funds were drawn. Lima One’s in-house servicing team worked to extend the loan when construction took longer than expected. In the end, the builder was able to pay off the loan and make a big profit, with a $2.047M sales price that was $400K above the appraised after-repair value.
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