This subject property was an 8 unit spec town home development that was 90% complete at the time of our loan and was able to list the units within 90 days of the loan closing. The borrower needed funds in order to pay back an equity partner, who was in need of funds for an apartment building acquisition. Because so many construction projects in the local area have been slowed down by the high demand for labor, the borrower needed some more time to complete/sell the units. But a promise is a promise, and the borrower knew a phone call to SFG on a scenario such as this would provide deal certainty. The loan closed in a week and we made a new fan for his next project.
