Borrower is a production home builder active in the A&D and vertical development of SFR in the Southeast. Borrower had an opportunity to purchase 58-acre parcel in Gwinnett county, GA, with plans to develop 175 detached, market rate rental homes. Borrower went under contract on the land, but was unable to secure a loan from their traditional banks and was in danger of losing the contract.
Red Fox stepped in and closed the deal in 9 days, providing 50% of total purchase price.
Loan term is 6 months which will allow Borrower time to submit civil drawings for the horizontal development of the site. Takeout will come via conventional A&D loan (provided by Red Fox Capital or a bank lender).