New Construction Loan – Berwyn, Illinois
Located just outside of Chicago, Illinois, this home was built from the ground up and financed by Lima One. The investor closed on the loan in February 2020 just before the pandemic shut everything down.
Contractors began making progress in October 2020. They were still in the framing process, but it was easy to see the vision the investor had for this 5-bedroom, 3-bathroom home. The home was finished in January and sold in March.
“I never had to call Lima One or ask for anything because everything is automated. The online portal is fast and easy. I simply logged in and followed the steps to get my withdrawals. I would receive an email confirming my withdrawal and a follow up letting me know the money is on the way. 24 hours later, the money was in my account. It’s as simple as that.”
New Construction Loan By the Numbers
- Loan Amount: $254,700
- ARV: $490,000
- Loan to ARV: 52%
- Loan Term: 13 months
- Interest Only
- Purchase Price: $100,000
- Construction Budget: $213,400
- Selling Price: $515,000
A Quick and Easy Withdrawal Process Led to Success
This investor was impressed with the speed and ease of Lima One’s withdrawal process during the building process. She took advantage of our online portal, which made it easy to track the progress of her withdrawals, see the project’s budget, and schedule inspections.