Spec Construction of 12-unit Condominium
1st Mortgage Construction of 12-unit Condo in Paradise, NL.
Our repeat borrower begun spec construction of a 12-unit residential condominium building, located in Paradise, NL, a suburb of St. John’s, prior to seeking financing. We provided $2,070,000 in first position for the land purchase and construction financing. Being able to build this building on spec as opposed to waiting for presales will allow our borrower to capture the profits months earlier.