Case study · Ground-up construction
$8M construction loan: 88th Street, Surfside
Ground-up financing for an 8,500-square-foot spec residence targeting a sale in excess of $25 million — closed in 20 days.
- Loan amount
- $8,000,000
- Loan type
- Ground-up construction
- Position
- First lien
- Days to close
- 20
- Project
- 8,500 sq ft spec residence
- Target sale
- In excess of $25,000,000
The situation
A luxury Surfside specialist was ready to break ground on an 8,500-square-foot spec residence in one of South Florida's most sought-after beachfront communities. Construction capital had to be in place to keep the project on schedule.
The execution
An $8 million first-position construction loan, closed in 20 days, with a draw structure built to keep pace with the build. The sponsor broke ground on time.
The outcome
Construction is underway on a residence targeting a sale in excess of $25 million. When it was time to build, the capital was there.
Your deal
Term sheet within 24 hours.
Ground-up construction, acquisition, or refinance — $1M to $100M+. Term sheet within 24 hours.