SOURCE: Capital Fund 1

March 30, 2017 01:40 ET

The Residences at Oak Receive Construction Loan

Capital Fund 1 Provides Loan for Scottsdale Condo Project

PHOENIX, AZ--(Marketwired - Mar 30, 2017) - Capital Fund 1, Arizona's premier private money lender, announces a new construction loan for The Residences at Oak in Scottsdale, Arizona. The 47-unit project has started sales, with 20 units still available for purchase.

The project, located at 52nd Street and Oak Street, is nearing completion. Units range in size from 1400 to 1727 square feet and start at $291,900.

Capital Fund 1 CEO Michael Anderson states, "We liked this deal for several reasons. First the location is superior, the price point is excellent and we have an experienced developer. An added plus, is that the developer has skin in the game. All of this is an ideal combination."

For this project, Capital Fund 1 refinanced a previous construction loan. They were able to get the developer's loan draws completed in a more timely matter than the previous lender. Jeff LaFrance, representing The Residences at Oak, says, "We have found Capital Fund 1 to be true professionals. Their interactions with us were superb and their reliability in timely draw funding has been crucial."

Even though townhome and condo community projects are extremely popular in the Phoenix/Scottsdale area, construction loans from traditional banks are a challenge to obtain, despite the thriving market. Capital Fund 1 takes pride in being a local company that can move quickly on financing requests. Since 2009, Capital Fund 1 has provided short-term financing for a variety of real estate investment purchases. As a direct private lender, they can underwrite and service loans in-house -- giving their clients an extremely fast response time.

Capital Fund 1 is able to provide financing for large construction projects throughout the greater Phoenix market and throughout Arizona's different real estate markets. Their ability to be flexible and provide creative loan options on construction allows their borrowers to execute project development on time. They also make draw requests a straightforward process, so the borrower can properly plan ahead.

Capital Fund 1 also provides financing on non-owner builder homes, such as custom and spec homes, as well as other types of investment properties. Their range of services includes construction financing, land acquisition and development loans, among other real estate investment based loans.

Private money lenders like Capital Fund 1 will play an increasingly important role in financing growth in the Phoenix real estate market. For more information on Capital Fund 1, please go to: www.CapitalFund1.com.

Contact Information

  • Media Contact:
    Troy Bohlke
    480.584.2909

    Company Contact
    Noah Brocious
    Loan Originator
    480.889.6100
    noah@capitalfund1.com