Massachusetts-based developer Bay Communities has significant holdings in Florida. USA Capital funded the construction loan in six weeks.
"With deposits for approximately 90% of the units already secured and personal guarantees from the principals of the borrower, we felt very comfortable funding this project," Tom Hantges, CEO of USA Capital, says in a statement.
USA Capital, a national real estate lender, originates, underwrites, funds and services loans to commercial developers, commercial property owners and homebuilders.
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