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.
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.