The subject property when completed will be a contemporary, beautifully appointed, 3-story, 10,377 sq ft 5 Bed and 9 bath estate on a 1 acre lot. Borrower was planning on self-funding the entire build and was on his way with over 50% completed. An expected sale of another of the borrower’s properties was delayed due to the Covid crisis, which left the borrower short on finances to complete the build. Rodeo Lending provided the funds to complete the property and a loan structure that included an interest reserve with enough time to complete the build as well as market the property effectively. Sandy Springs GA is a great community that is home to the corporate headquarters of UPS, Inspire Brands, Cox Communications, and Mercedes-Benz USA’s corporate offices. Borrower will exit Rodeo’s loan with a sale of this property.
- Fund Controlled Construction Completion Budget
- 12 months Built-in Interest
- 30% Loan to Completed Value