Sponsor profile
A foreign national investor holding the asset through a US LLC, with no US credit file and no US income documentation. Underwritten on the property and the structure rather than on a domestic borrowing history.
Deal structure
A ground-up single family development in Houston, financed as one facility rather than two.
Passy Capital funded both the acquisition of the site and its construction with a $1.75M loan to the borrower's US LLC, drawn against construction milestones instead of released in a single advance. One lender, one set of terms, and no gap between buying the land and starting to build.
Exit
Sale of the finished property on completion.