Hach of Leviathan Capital arranges $14 million inventory loan

Union City, NJ According to Leviathan Capital, Joe Hach recently closed a $14 million inventory loan secured by a new construction residential condominium project. 

The loan paid off the construction loan and provided a substantial cash out to the Borrower for another project.  In order to maximize the cashout proceeds to the Borrower, Hach negotiated a partial interest reserve of ~2 months. 

The loan closed at a rate of 9.74% with a 0.50% origination fee taken at closing and 1% upon exit. Despite the large cashout, the loan was non-recourse and did not require an equity pledge.