When the development of The Enclave was imperiled by the economic downturn, partners John Duke, Mike Murphy, Chip Tayloe, Dan Turley, and Frank Uhlhorn made the decision to purchase 43 lots in phase three of this infill subdivision of estate homes in the heart of Germantown. All homes in phase three sold out and the partners exercised their right of first refusal to acquire 106 additional lots in phases four, five, and six.
Financial Federal provided the funding to acquire the land and lots. As a third-generation builder and long-time customer of the bank for construction loans, land acquisition loans, and mortgage loans, Duke knew what to expect out of the financing process.
“I’ve been with Financial Federal since they started,” Duke said. “I’ve used them on a number of projects because I know I’ll always get a quick response and an easy experience.”
The Enclave has seen a 30% increase in home values and is preparing to develop the final 49 lots planned as phase six of the subdivision. Truly standing behind their product, four of the partners are exclusive builders for The Enclave. Financial Federal has provided the financing for the land acquisition, land development, construction of the homes, and permanent mortgages for the homeowners.
Learn more about The Enclave's estate home infill project in their Memphis Daily News profile.
For more information on The Enclave, contact Steve Sutton.