A financially strong and experienced apartment developer came to Freedom Financial Funds, LLC for a construction completion loan. He was seeking an alternative because his relationship bank’s protracted draw-funding process was prolonging his construction timeline.
While Freedom’s stated interest rate is higher than the bank’s, the client calculated that by getting his funding in five days or less – a written promise made by Freedom in all construction loans – the actual cost of interest will be nearly the same. Further, the client’s staff will be able to focus on other activities, since funding will no longer be a concern. Freedom’s loan of $4,860,000 will fund the completion of an eight-unit, family-oriented apartment project in the popular NoHo section of North Hollywood, California. The recourse loan was made at 65% Loan to Value.
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