Case Study- Six Townhouses in Miami New Construction
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We recently funded a new construction project for six luxury condos in Miami Beach, FL. The total financing was $2.26M. Here is how this deal went from start to finish. Origination- This deal was brought to us by a broker that we know very well. We've done several deals with this broker. When it comes to new construction deals, especially ones with multiple units, experience and knowing who you're dealing with is key to a successful transaction. One of the first things we do when a new construction deal is presented to us is request the borrower's experience file. We obviously check to make sure the asset class and location is a fit and the loan amount is within our limits. But we make sure the broker or borrower sends the experience file. If they don't have recent (within 36 months) and relative experience, it's a hard NO and we move on. By relevant experience, we need either new construction of similar asset classes or VERY heavy rehab deals (at least 5)