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This transaction involved a unique 2-unit property where the second unit was left mid-construction after the seller ran out of funds. We structured a solution for the new buyer that included both an acquisition loan and a construction loan, allowing them to purchase and complete the project. While the buyer had hands-on construction experience, their background as a general contractor was limited, requiring a thoughtful approach to financing and project completion. The strategy is to finish construction, stabilize the property, and then refinance into conventional financing once the project is complete, creating long-term value and improved loan terms.

Property Details

Price: $1,100,000

City: Norfolk

State: AZ

Zip Code: 90650

Year Built: 1955