Sally secures a $500,000 construction loan from Riverbank Bank for improvements to her building. She signs a first deed of trust against her building, which is recorded by Riverbank Bank on May 1. Larry commences improvements to the site on June 1. On August 1, Larry has completed $400,000 work on Sally’s building, but Sally has only paid him $250,000 using the construction loan. Sally announces she cannot complete the project and Larry immediately records a mechanics lien for $150,000. Due to the real estate downturn Sally defaults on the River City Bank construction loan. In the partly finished condition, the building is only worth $200,000. how much can Larry recover?
There are other considerations, for example:
1. Larry did not commence improvements until June 1 -- but did any other potential claimants commence work prior to May 1?
2. Are there any tax liens, judgments, or other claims on the property? If so, when were they perfected?
3. This building is not Sally's primary residence, correct?
4. How much is left on the construction loan?
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