We are very excited to be part of a new 10 Unit Development Project in the heart of Jefferson Park just a stone throw from Mile High Stadium. These 10 units will vary in size from 1200-2000 Square Feet, all with amazing roof top decks featuring the full Downtown skyline and a great view of Mile High stadium. The units will be attractively priced starting in the high 200’s to the low 400’s. All featuring 2 car attached garages and top notch finishes.
We were able to fund the land loan with a further commitment to the full construction of up to $2.3 million in financing in 3 weeks time. It was a 90% LTC and 65% Loan to ARV, with a lot of advantages to the borrower. Set up at closing was an interest escrow and a 2 phase commitment, keeping the interest costs low during the land development and permiting phase. Once Construction Phase begins, we built in a simple construction draw scheudle for the full loan balance with interest charged on the outstanding balance each month rather than the full commitment amount.