New Construction Loan – Lahaina, HI
When it comes to real estate investing, there aren’t a lot of options in Hawaii. So, when this seasoned builder began looking for a lender to finance his new construction project, he came to Lima One.
The builder hit a potentially large hurdle before the project began. Because of the project’s island location and the rising cost of lumber, the builder had to pay for all the lumber upfront and have it shipped to the island, which meant getting creative with the draw process.
With the help of Lima One’s Construction Management team, the builder was able to pay for all the lumber he needed and get it shipped to Hawaii with no problem. The Lima One team was instrumental in getting this builder’s project funded and completed.
“I was impressed with Lima One’s capacity to facilitate these loans. It was such a good experience.”
New Construction Loan By the Numbers
- Loan Amount: $2,800,000
- ARV: $4,000,000
- Loan to ARV: 70%
- Loan Term: 19 months
- Construction Budget: $3,135,368
A Best-in-Class Customer Service Experience
This seasoned builder opened a line of credit with Lima One before this project began. Because of the positive experience the builder had, he referred additional clients to Lima One who have since opened their own lines of credit with us.