Page 4 - Westside Landing

LPC SHOWCASE OPPORTUNITY
Westside Landing
• $9M revolving guidance line of credit (see term sheet dated 9.19.18)
• Proceeds will be used to build up to 38 single-family residential units in Westside Landing at Rough Hollow
§ Showcase Home Complete
§ 4 Homes are currently under construction
WHY
• This is an ancillary, diversi ed business consideration for the growing LPC portfolio where VTC now has rst right to LPC business opportunities; hence the Westside Landing request is projected to be the only non- pro t sharing vertical construction nancing request.
• There are nine pre-sold and permitted homes with approximately 15% earnest money down: selling velocity continues. There is limited exposure for e cient returns with the approximate seven month build time per home.
• The current terms from institutional nancing (IBC Bank) cap funding ability necessary to accomplish the accelerated number of pre-sold homes.
• A solid practical exercise (for the LPC, VTC and DCS Teams) of documentation needs and respective funding requests in advance of pending LPC-VTC deals with vertical construction nancing considerations.
Thank you for your consideration VTC.
LEGACY COMMUNITIES
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