Facility Highlights
- Two Build-For-Rent (BFR) communities located outside of Charlotte, NC
- 74 Single-Family detached homes and 55 Townhomes
- Project happened during the early days of COVID – a time of great uncertainty in the market
- $10 million loan sourced for acquisition & development of of the sites
Transaction Summary
- Borrower’s lender failed to close as promised and left the borrower with a very short contractual window in order to close on the land acquisition
- SVN|Angelic brought in a private group to act as lender – a group that had experience in single home family building experience but not experience as a lender
- The local municipality would not allow the full platting of the lots to occur prior to closing
Key Benefits
- SVN|Angelic was able to close the deal by bringing a lender to the table who could close in a very short window of time
- SVN|Angelic helped the funding source feel comfortable acting as a lender in a product type they knew well as a developer
- We were able to get the lender over their concern about the fact that the land was not going to be platted until after the closing of the deal, something this lender was not used to in the markets they had previously developed homes
- We were able to close very quickly to meet the borrower’s needs and match the terms their previous lender had given them, but failed to close on