Experienced condo converter had sold out the majority of the project when the market started to slow. At the same time his construction note was coming due. Rather than a potential problem scenario, this good credit borrower who had a ton of his own cash in the deal was the perfect SFG borrower. With a low cost basis per unit and a great location, we were able to not only refinance his note but provide cash-out and an interest reserve for additional marketing time.
