A Charlotte developer had 15 townhome lots in a fast-growing suburb - all pre-sold before breaking ground. Total project cost: $8,200,000.
LOAN AMOUNT
$6,150,000
Three unit buyers had rate locks expiring - any construction delay would cost buyers. Needed 75% LTC with a reliable draw schedule and fast initial funding.
Adler Capital structured $6,150,000 at 75% LTC with bi-weekly draw inspections and 5-business-day funding on each draw request.
The Outcome
All 15 units delivered on time. Developer profit after all costs: $1,800,000. Now working with Adler Capital on a 22-unit follow-up in the same submarket.
Deal Highlights
LOAN AMOUNT
$6,150,000
TOTAL PROJECT COST
$8,200,000
UNITS
15 Townhomes
LTC
75%
COMBINED SALES
$10,950,000
PROJECT DURATION
11 Months
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