-
Loan Amount
$1,144,350
-
LTV
63.68%
-
Term
15 Months
Transaction Overview
Stormfield funded a $1,144,350 new construction loan for a borrower acquiring a site and building a 3,250-square-foot single-family home with an additional finished basement in Rumson, New Jersey. The 15-month loan is structured at 63.68% of the $1,797,125 underwritten value. Underwriting weighed the construction timeline and the local Rumson residential market, along with the business plan for the property. For brokers and borrowers, the deal shows how Stormfield finances site acquisition and ground-up construction of single-family homes in New Jersey, with a 15-month term sized to the build schedule for the new home.
