42 townhome units · Raleigh, NC · Meridian Land Co. LLC · First lien, $5.20M commitment · $1.50M borrower equity in
Loan closed · land advance funded $1,650,000
Borrower equity of $1,500,000 verified in project account. Recorded first lien; title policy bound. Baseline cost to complete set from Budget v3.
Notice to proceed — Carolina Grading LLC mobilized
Erosion control installed and inspected by Wake County. Baseline schedule: horizontal complete month 11.
Draw 1 funded $486,200 — clearing, grading, erosion control
Inspection verified 14% horizontal completion against 15% funded. Balance test passed, margin +$148,600.
Draw 2 funded $402,700 — stormwater phase 1, road subgrade
Inspection verified 27% completion. Lien waivers current through draw 1. Balance test passed, margin +$148,600.
Draw 3 funded $517,900 — water & sewer mains, curb & gutter
Inspection verified 43% completion. City of Raleigh partial acceptance of sewer main. Balance test passed, margin +$148,600.