A Palm Beach County builder had a fully permitted infill lot in a West Palm Beach neighborhood where updated product was selling at $850K-$900K. Total build cost including lot: $580,000. Clean margin at 90% LTC.
LOAN AMOUNT
$522,000
Builder had two projects in Loxahatchee already running and needed a reliable lender for a third - one that wouldn't delay draws or require excessive paperwork with each funding request.
Adler Capital funded $522,000 at 90% LTC. Project completed in 10 months with 5 draws, each funded within 3 business days of inspection signoff.
The Outcome
Sold for $887,000 - $37K above base asking. Builder netted $231,000 after all costs. Now has Adler Capital on two additional West Palm builds in progress.
Deal Highlights
LOAN AMOUNT
$522,000
TOTAL COST
$580,000
LTC
90%
SQUARE FOOTAGE
2,400 sq ft
SALE PRICE
$887,000
BUILD TIME
10 Months
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