Lima One Saves a Phoenix Construction Deal - The Elite Officer | The Elite Officer

Learn How Lima One Stepped In to Save a Phoenix Construction Deal

A Phoenix builder needed a new financing source fast. Lima One stepped in with 95% loan-to-cost financing and closed the $1.04 million construction loan in less than two weeks.

By Chad Eder, Lima One CapitalSeptember 24, 20262 min read

Chad Eder | SVP & Loan Officer at Lima One Capital

A Phoenix-area builder was ready to move forward with a new townhome construction project when its local hard money lender was unable to provide the financing needed to close. With the project ready to go, the builder needed to find a new capital source—and quickly.

A recent connection made at an industry event led the development company to Lima One Capital. Less than two weeks later, Lima One closed a $1.04 million construction loan with nearly 95% loan-to-cost leverage, including 100% of the construction budget.

Property Type: New Construction Townhomes

Location: Phoenix, Arizona

Loan Amount: $1,044,406

Lot Price: $375,000

Construction Budget: $725,656

Loan-to-Cost (LTC): 94.89%

About the author

Chad Eder

Lima One Capital

Chad Eder is an SVP & Loan Officer at Lima One Capital. Since its inception in 2010, Lima One Capital has been recognized as the nation’s premier lender for real estate investors and has funded over $10 billion in business purpose real estate loans. With a reach across 46 states, Lima One operates as a capital partner for both real estate investors and brokers by financing residential investment strategies including fix and flips, rental, and new construction. In 2021, Lima One was acquired by real estate investment trust MFA Financial, Inc. (NYSE:MFA), ensuring a consistent source of capital and further cementing Lima One as one of the most dependable private lenders in the United States.