42 townhome units · Raleigh, NC · Meridian Land Co. LLC · First lien, $5.20M commitment
Funded balance
$3.84M
of $5.20M commitment
Cost to complete
$1.62M
vs $1.36M undisbursed
Revised LTC
71.4%
policy max 75%
Interest reserve
4.1 mo
runway at current pace
Expected recovery
108%
stressed default case
Cost to complete exceeds undisbursed proceeds by $260K; contingency 88% consumed against 82% completion.
Jul 21Absorption running 0.5 units/mo below underwriting; interest-reserve runway shortened from 5.8 to 4.1 months.
Jul 18Stormwater change order #4 approved and re-baselined; schedule slip contained to 3 weeks.
Jul 12| Line item | Budget | Committed + spent | Variance |
|---|---|---|---|
| Clearing & grading | $412,000 | $418,300 | +1.5% |
| Stormwater | $286,000 | $351,900 | +23.0% |
| Roads & paving | $598,000 | $604,100 | +1.0% |
| Water & sewer | $744,000 | $779,600 | +4.8% |
| Dry utilities | $212,000 | $209,400 | −1.2% |
| Soft costs & fees | $398,000 | $402,100 | +1.0% |
| Contingency (remaining) | $250,000 | $296,000 drawn | 88% used |
| Total horizontal | $2,900,000 | $3,061,400 | +5.6% |
| Measure | Underwritten | Actual |
|---|---|---|
| Units under contract | 14 by mo. 8 | 11 |
| Average contract price | $385,000 | $391,200 |
| Absorption, monthly | 2.3 units | 1.8 units |
| Lots released / curtailments paid | 6 / $780,000 | 5 / $650,000 |