Case Study: $6.5MM Single-Family Townhouse | Construction Loan | Brooklyn, N.Y.
Structured and arranged a construction loan for the completion of a 5,100-square-foot townhouse located in Brooklyn, N.Y.
Client was seeking to pay off an expiring construction loan and required additional proceeds to fund cost overruns on the project. Furthermore, the client was experiencing a short-term liquidity crunch in addition to incurring additional cost overruns during the closing process.
Identified a lender that would capitalize a first-time sponsor and advance incremental loan proceeds. Funded an expense deposit, on behalf of the client, to avoid delays in closing. Negotiated a reasonable increase in overall lender costs as a result of fluctuating factors after the term sheet was executed.