Recently Closed Transactions
The Short-Term Bridge
- The developer of a large southern Maine subdivision wanted to purchase one of his own townhouse units to be used as a model home.
- Because other units in the structure were still under construction, his primary lender was unable to underwrite the purchase.
- Once all six of the townhouse units are complete, the borrower will refinance with a residential loan through Approved Home Mortgage.
- The borrower is a successful builder with multiple projects completed in the Yarmouth/Cumberland area.
- The borrower purchased a lot in North Yarmouth to build a 2,400 sq ft spec home.
- He utilized Maine Capital Group private capital for the construction funding.
- The home went under contract prior to completion, and sold within the terms of the loan agreement
- Bramhall Row consists of seven upscale townhouses in the lively west end of Portland
- The borrower utilized Maine Capital Group funding for the initial infrastructure and construction of the townhouse foundation and shell.
- Maine Capital Group brokered longer term traditional bank financing to take out the MCG financing and finish construction of the townhouses.
- All seven units were under contract prior to completion, and are expected to close in early 2019.