McCormick, SC – Modular

The Opportunity

A veteran builder who is one of the leaders in the burgeoning modular home industry needed financing for his first development in McCormick, South Carolina, near the Georgia border. This required a lender willing to underwrite modular homes in a smaller market.

The builder wanted to move quickly, and he needed a lender that was comfortable financing modular building. So he approached Lima One to finance a total of 15 builds of homes that would eventually be sold between $530K-$600K.

The Solution

Lima One financed 15 builds within this community over the course of six months. These loans were specifically created for the builder's modular approach to new construction, and Lima One was able to apply internal valuations to its underwriting process to close at a fraction of the speed.

More importantly to the builder, Lima One offered commitment funding with no interest charged on construction funds until they were drawn, saving the borrower a significant amount of interest on these large budget projects. The builder also valued working with Lima One's in-house construction management team that maintained diligence and responsiveness when quickly releasing construction draws over the course of the project.