CHAPIN, S.C. -- Mountain Funding, LLC, a private hard money, bridge, mezzanine and equity provider specializing in value-added commercial projects and residential land development, has closed a $6 million hard money loan for The Green at Timberlake, a 192-unit lakefront condominium and townhouse complex set on 24.8 acres on the shore of Lake Murray in Chapin, S.C. The developer of the property is Bay Communities, Inc. of Palm Coast, Fla.

"An existing client of ours, Bay Communities, had an opportunity to acquire a prime lake-front condo site but had to close within just two weeks," said Arthur Nevid, Managing Director of Investment and Lending at Mountain Funding. "Timing wasn't the only obstacle -- they sought 100 percent land financing plus working capital for this development and other projects. In order to close so quickly and offset the high leverage (100+%), we agreed to take, as additional collateral, a second mortgage on another condo project of the developer's which was actively selling."

The complex will overlook the 9th and signature 18th hole of the championship Timberlake Golf Course and will include amenities such as a recreation center, pool, tennis courts, children's play area and a fully equipped fitness center. It will also feature a boating facility and parking for both residents and local boating enthusiasts.

The north phase of the project will consist of approximately 20 two-story townhouses along the 9th fairway and will feature two-car garages. The south phase will provide approximately 15 town homes separated by the Central Boulevard. Ten units will overlook the golf course and five will have lake views. In addition, there will also be two mid-rise condominium buildings that will comprise approximately 172-units. Each of these units will include below grade, covered parking.

The Green at Timberlake is scheduled to begin construction in the spring/summer of 2005.

Headquartered in Charlotte, N.C., Mountain Funding provides high-leverage senior/mezzanine debt and equity to value-added commercial projects, residential land acquisition and development, condominium conversions, and special situations requiring quick closings. Established in 1993, Mountain Funding has closed equity and debt transactions involving real estate projects valued in excess of $3 billion. For more information visit www.mountainfunding.com.

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