Loan LU-2026-014 · Closed Dec 18, 2025 · Month 6 of 18

Alder Grove Townhomes

42 townhome units · Raleigh, NC · Meridian Land Co. LLC · First lien, $5.20M commitment · $1.50M borrower equity in

ActiveDraw 4 pending
Loan timeline
  1. Dec 18, 2025

    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.

  2. Jan 6, 2026

    Notice to proceed — Carolina Grading LLC mobilized

    Erosion control installed and inspected by Wake County. Baseline schedule: horizontal complete month 11.

  3. Feb 9, 2026

    Draw 1 funded $486,200 — clearing, grading, erosion control

    Inspection verified 14% horizontal completion against 15% funded. Balance test passed, margin +$148,600.

  4. Mar 16, 2026

    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.

  5. Apr 20, 2026

    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.