A Dallas builder had two permitted lots in Frisco - 3,200 sq ft new construction homes in a neighborhood where comparable product was selling at $980K-$1.05M. Total cost per unit: $620,000.
TOTAL LOAN AMOUNT
$1,116,000
Builder needed to run both builds simultaneously, requiring $1,116,000 total (90% LTC) across two projects. Local banks would only do one at a time and required 6-month financials.
Adler Capital structured two simultaneous construction loans totaling $1,116,000 - 90% LTC each - with separate draw schedules for each lot. Both loans closed within 14 days.
The Outcome
Both homes sold within 30 days of listing. Combined net profit after all costs: $610,000. Builder now has 4 lots in Prosper financed through Adler Capital.
Deal Highlights
TOTAL LOAN AMOUNT
$1,116,000
TOTAL PROJECT COST
$1,240,000
HOMES
2 (3,200 sq ft each)
LTC
90%
COMBINED SALE PRICE
$2,050,000
BUILD TIME
10 Months
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