funded

$1,200,000 First Mortgage

New Construction Subdivision
Two-Family Condo

Gloucester, MA

Single Family Conversion Funded by FBCP

New Construction Subdivision
Two-Family Condo in Gloucester, MA

First Boston Capital Partners (FBCP) funded this subdivision project for a Borrower that acquired a single family home on a 1.3 acre parcel of land.

The Borrower acquired this property knowing that there was sufficient land for a legal subdivision and a second building.

FBCP wrote a first mortgage loan of $1.4 Million to finance the acquisition and fund construction costs to convert the single-family home into a two-family condominium.

During the rehab of the existing home, the Borrower successfully obtained subdivision approval from the Town of Gloucester.

Knowing how much cash equity the Borrower had invested in the initial acquisition, and understanding the considerable value created by this subdivision, FBCH was able to write a new first mortgage loan of $1.2 Million to finance 100% of the cost for the second building.

To learn more about how we can help you maximize the use of land for a subdivision or condo conversion, reach out to our lending team today!
Orginal Gloucester Property
Gloucester, MA 2-Familly Conversion
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