About this Property in Elk Grove, CA
The borrower went into a contract in April 2021 to purchase 4+ acres of vacant land in Elk Grove, CA. They spent 10 months prepping the property for 50+ single-family dwellings, accompanying common lots, a clubhouse, and associated improvements. The borrower plans to build two-story, three-bedroom, 2.5 bath, attached two-car garage townhomes as build-to-rent (BtR).
Borrower had a $1.6MM loan on the property (55% LTC) that matured in early December 2022 and needed a quick-close on a bridge loan to avoid paying steep penalties. The original plan was to begin site work in summer 2022. However, the borrower chose to wait for material prices to come down prior to starting construction. Borrower now expects construction to start summer 2023.
Enact Partners has been a pleasure to work with on our loans. They are knowledgeable and have a very efficient loan and communication process resulting in a low stress and quick-closing transactions. Even more, they are really nice folks to do business with. I highly recommend Enact Partners and look forward to future business.