LFB Ventures was approached by a repeat client who was seeking financing to retire a maturing development loan and fund the vertical construction of 17 homes in Covington, GA. The sponsor completed all development work on 118 single family lots in the subdivision and was ready to record the plat map and start construction on the first phase.

LFB provided the sponsor with a 56% LTV construction loan that paid off the existing debt, reimbursed the borrower for over $1mm in development costs spent to date, and provided enough future proceeds to build out the first 17 homes of the project. LFB will also provide additional financing to complete the remaining project on a rolling, phased basis. The project will offer two different floor plans ranging from 1800-2200 SF and the average sales price will be about $340K per home. The sponsor’s development and construction experience, excellent track record, and along with the affordable price point of the homes made this loan a great candidate for LFB’s construction program. LFB Ventures will continue to provide financing for land, development, and vertical construction for developers and homebuilders nationwide. Please reach out with any financing needs.