SDC Capital funded a cash-out, construction completion loan on a high-end single family residence in Aptos, CA. The borrower’s existing construction loan came due and the borrower needed additional funds to complete the project. Given SDC Capital’s extensive construction experience and thorough due diligence, SDC was able to get the title company to issue a lender’s title policy with mechanic’s lien coverage.Without this coverage and SDC’s persistence, this deal would not have closed.
$2,500,000 construction completion loan, 60% loan to completed value
9 month term
9.5% interest rate
Title company provided lender with mechanics lien coverage due to lender’s construction experience