George Fowler knew there had to be a better way to get funding for his real estate projects.
George was planning to acquire a 100 year-old home in the historic district of New Orleans and complete a full renovation, including changing the footprint and square footage of the home from 1,484 to 4,198 square feet. He would also add a second floor, upgrading the 3 bedroom, and 1.5 bathroom home to 4 bedrooms and 4.5 bathrooms, with “his and her” closets in the master suite and a private bathroom for each bedroom.
Although he had a long-term relationship with a local bank, they limited the leverage they would offer for the project. Though he had worked with the bank on other projects, their underwriting process was painfully slow and arduous.
Frustrated and looking for alternate lenders, George came across DLP Direct Lending Partners, and was approved for our Line of Credit, which provided him with fast and reliable funding for up to 90% of the project cost, and allowed him to close on the property in just 12 business days.
“George consistently had to go through red tape in obtaining a loan from his local bank, at a reduced leverage,” commented Nader Hack, George’s dedicated Senior Funding Specialist. “With our Line of Credit, he was able to obtain 90% of the acquisition price and rehab cost. All he had to do was provide us with an Agreement of Sale, Scope of Work, and an updated bank statement.”
In total, DLP Direct Lending Partners funded the investor $950,940 to purchase the property for $600,000 and complete renovations within his budget of $450,000. Following renovations, the value of the residence will increase to $1.6 million.
“I have dealt with a lot of loan companies and banks and I have to say, this was the easiest and quickest loan I ever closed on,”
COMING SOON from Fowler Development
Fowler Development is a real estate development firm, developing both residential and commercial properties in the Greater New Orleans Area.