This well established boutique spec builder/developer was unable to keep his bank financing intact, even though he owned the lot free and clear, was not in default on any of his loans with the bank and was 70% complete. The total loan amount is $1,200,000, SFG held back funds necessary to ensure completion in accordance with the building plans and specifications.
Due to the great relationship that has developed between this developer and SFG’s Construction Manager Jim McBride and Underwriter Kent Rowe, project #2 is on the board and expected to fund in the near future.
