Our borrower is a local business owner with businesses that manufacture supplies for oil companies and machine shops. Over the years, our borrower has expanded his real estate portfolio and experience, with a number of development and custom homebuilding projects. The subject property used as collateral for Enact Partners’ cash-out bridge loan is in a gated community with 11 other custom homes all constructed by our borrower. Previously, all construction was completed with the borrower’s own cash or proceeds from the sales of other homes. The funds provided by Enact Partners are for a six-month cash-out loan on this property in order to utilize the funds to purchase land for another project.