A skilled contractor/developer had a plan to make significant horizontal improvements to over 9 acres of vacant land located in Alton, TX. Enact Partners provided the necessary funding to bring this dream to reality. The borrower had previously acquired the land under contract, successfully entitled it for residential multifamily lots, and purchased it outright with cash. With an anticipated budget of approximately $1,500,000 to cover the horizontal improvements, the developer aims to sell the improved lots to smaller builders. Presently set for 30 lots (both duplexes and 4-plexes), the land is “shovel-ready,” and the borrower has already secured Purchase and Sale Agreements for 28 of the lots.
- Property Type : Multi Family
- Loan Type : Construction Loan
- State : California
- City : San Diego
- Funded Amount : $2,200,000