09/24/2026
We're thrilled to share that this mammoth of a loan has recently closed, and so proud of our own Cole Beaver, Managing Director of SC, for all he did to make it happen! 🎉
Our borrower purchased about 5 acres of land 3 years ago in North Charleston, and had originally intended to provide paper lots for 22 homes to a builder, sell the land, and move on. But then, the City of North Charleston approached our borrower and asked if he would entertain building 41 detached Condo units to increase density in the area, and he loved the idea.
Since we've worked with this borrower many times before, the process was relatively smooth and we were able to provide him a loan product that we custom built for this project. Our loan product here functions like a line of credit, allowing our borrower to do what he does best: get builds done. The project was broken out into 3 phases, and the total amount of funds allocated was $11,689,147.
The reasoning behind the line of credit is that most lenders would provide a client with enough funds to complete phase 1, then turn around and execute a refinance to provide the funds for phase 2 and so on until the project is complete. But this structure costs both a lot of money and time, and we wanted to offer our borrower something better. By custom-building this loan, we were able to ensure speed of ex*****on and keep capital in his pocket.
This is the beauty of doing business with a boutique lender that is able to tailor financing solutions to fit your needs. Have dreams of a deal like this one? Get in touch with us at the link in our bio - we'll run through the numbers with you⚡
Disclaimer: This borrower is highly experienced, has high liquidity, and has a high FICO score. We do not provide lines of credit like this for anyone regardless of these three factors.
