Loan Amount:
$25 million
Loan Type:
Construction Loan
Interest Rate:
12%
Origination Fee:
5%
Loan Term:
12 months
Loan IRR:
58%
Details: $25 million construction loan on 241 townhome development in Sugar City, ID. The borrower was an experienced builder who was struggling to secure bank financing due to cautious banks. Borrower completed phases and refinanced out our loan with a new facility. The high IRR was driven by renewal points, early principal paydown due to townhome sales, and early refinance where we still received our guaranteed interest on the loan.