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.

 

Spec Construction

  • 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

 

New Development

  • 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.