LGI Homes, a Houston-based home builder since 1995, is purchasing approximately 200 lots in Deer Creek, a South Fort Worth new home development. Deer Creek was previously built by Wall Homes. The new construction deal is financed by Sovereign Bank.
Eric Lipar of LGI is excited about the opportunity to build homes in Fort Worth. “That had the appeal. That’s not easy to come by in today’s market. This is the type of structure that works in the industry today. We don’t have to pay 30 cents on the dollar here, and it’s still a great deal because the bank is giving us financing. We’re able to pay Sovereign a price that’s palatable for them, and we still make our margins.”
Carl Fite, Sovereign’s Senior VP, adds “It’s a real opportunity for a bank to work with a company like LGI. They’re experienced and have the wherewithal to make us comfortable.”
Deer Creek development is located West of I-35W off of Risinger Road, which already features a pool and playground. Construction has begun on 15 homes, which will be priced from $110,000 to $190,000.
Sales begin Aug. 15, and first closings are expected around Sept. 15. Call (800) 314-5504 to speak with an agent.
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