Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place construction debt for the development of 3 SFR properties located in Southern California.
Property Description
The property has been entitled and was ready to break ground with the construction bid in place. They are close to major freeways and cities with various amenities.
Sponsors
Sponsorship has a successful track record in the SFR/Condo development space with 4 sold projects totaling $20M in net sale proceeds.
Challenges
- The Sponsor was looking to get maximum leverage for the construction of these 3 units.
Solutions
- Tauro was able to source a lender that delivered the desired max leverage requested.
Funding
- Loan To Value: 78%
- Interest Rate: 11.5% Floating
- Term: 1.5 Years
- Amortization: Interest-Only
- Prepayment: No Penalty
- Close Date: 5/3/2024
