LANGHORNE, Pa.--(BUSINESS WIRE)--Langhorne-based homebuilder Brad Elliott has announced the formation of a new company, Elliott Residential, LLC, backed by a $20 million line of credit through RBC Builder Finance. The new business venture will operate independently from The Elliott Building Group, the award-winning homebuilding company established in 1994.
Elliott Residential, LLC initiated this year by Brad Elliott and partner John DiPasquale will focus solely on new home marketing, sales and construction. The company will purchase rolling options from landowners and developers and will not be involved in land development.
“This gives us the flexibility to move quickly into new projects without the distraction of the land development and approval process,” DiPasquale said. “We can better focus on the tradition of building superior homes while maintaining strict delivery schedules and competitive pricing.”
According to DiPasquale, the new company will provide a more efficient structure for delivering homes. “It minimizes the risks associated with land development and allows us to solely acquire already approved land and to build new homes quickly without geographical limitations,” DiPasquale explained.
The new venture is being underwritten through a line of credit provided by RBC Builder Finance which is just entering the Eastern PA and Southern NJ homebuilding market. “We feel fortunate to play a role in the Elliott Residential operation and look forward to its continued success,” added RBC Director of Loan Production, James McDunn.
Elliott Residential, LLC has already purchased its first lots from SP Associates, a land developer in Egg Harbor Township, NJ and has options to purchase additional lots in New Jersey, Pennsylvania and Florida. The company will build in a range of new home communities including age 55+ restricted, move-up luxury and those for first and second time buyers.
“We have been successful because of a commitment to high quality construction, superior craftsmanship and excellent customer service and look forward to continuing that tradition,” Elliott stated. Contact Elliott Residential, LLC at (267) 852-4500, 3000 Cabot Blvd. West, Suite 200 Langhorne, PA 19047