Assessing and adapting to rapidly changing market conditions and borrower requirements, sets Touchstone apart from other less experienced Commercial Lenders.
With Touchstone’s financial backing, this borrower was able to acquire and convert a dated multi family home located just outside of Medford Square into 3 market ready condos, each one selling for over asking, within 7 days of listing.
In response to a strengthening market, mid-project the borrower came back to us with a plan to increase the scope and level of interior finishes in the 3 condos. Although this would most certainly lead to cost overruns and delays, Touchstone, drawing from extensive knowledge in both construction and finance, quickly became comfortable with the borrower’s modified plan, and was able to respond with performance extensions and additional funding.
The initial funding package for this project included an $800k first mortgage and $120k in preferred equity. The borrower had $60k of his own money on the table at closing and contributed additional working capital during the construction.