A long-standing customer at First American Bank, this Florida-based commercial real estate developer needed financing to develop a 4.6-acre piece of property in Florida City. The borrower needed to acquire the land and be allowed to complete the horizontal development – 48 pads for townhomes. Upon completion, all 48 pads will be sold to a home builder.
Our lending specialists rose to the occasion. We financed the construction and land development with a 75% loan-to-cost (LTC) ratio, for a total facility of $4.9 million over a 12-month period. First American Bank was able to provide a high LTC for a number of reasons: i) We have had an excellent long-term relationship with the customer; ii) The land development will be completed quickly; iii) All 48 pads are pre-sold.
At First American Bank, relationships matter.
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Backing Business: Florida Real Estate Developer
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