The North Star Capital Fund, LLC has funded five vertical construction loans (5 separate loans totaling $6,065,000) for the construction of new for-sale spec homes in the Santa Maria area. The developer is extremely well seasoned with this project, having built and sold over 500 units to-date, on budget. Sales of existing units is pacing up as interest rates have fallen. We expect these units to close out within the 12 month loan term.