Broken-Priority, Multi-Family Construction Loan

A local developer was seeking financing top complete a 32-unit townhouse development. Construction had been started by the previous owner in 2007, but they ultimately lost the project to the lender during the market downturn. Our borrower purchased the property from the lender in as-is condition with units ranging from 50% to 85% complete and proceeded to begin construction prior to obtaining a loan for completion.

The broken priority nature of this development frightened many title companies but Del Mar was able to work through this and fund the $1,250,000 loan, which enabled the borrower to successfully complete the project.