Hello everyone!

Two things, I took the GC seminar today planning to get my GC license. Does anyone know of any study materials other the books to help me pass the first time. I’m taking the NASCLA test.

Also I’m trying to build two homes. I was almost set to go with the bank. They were ok with me not having me GC license and at the minute they changed their

Mind. Does anyone know any banks that will give me the cash I need to build. I have a GC that's going to build them and willing to start a LLC with me. I am not putting the loan in his name though. If anyone could give me some advice or help I'd appreciate it a lot.

Thanks

How are you presenting yourself to the bank?  Are you just filling out their application?  Are you presenting them an Executive Summary on the deal as it will be executed?

@Joe Villeneuve sorry for the late response.

No sir, I’ve explained in very good detail my plan. The loan officer was on “my side” and said everything was great and he thought he could get me the loan but once it was turned in they said they wanted me to have my GC. I had another bank say all my stuff looked great but they wanted me to have experience, well like I told them it’s hard to get experience when you won’t give me the opportunity to do that.

Originally posted by @Ronnie Crumpler :

@Joe Villeneuve sorry for the late response.

No sir, I’ve explained in very good detail my plan. The loan officer was on “my side” and said everything was great and he thought he could get me the loan but once it was turned in they said they wanted me to have my GC. I had another bank say all my stuff looked great but they wanted me to have experience, well like I told them it’s hard to get experience when you won’t give me the opportunity to do that.

"No Sir"  what?  Does that mean you didn't use an Executive Summary?  If that's the case, try again, but use an ES that includes a section showing your lack of experience will be supplemented by an experienced GC. 

@Joe Villeneuve

No sir meaning I didn’t just submit an application. I talked in great detail with the commercial loan officer prior to even applying and telling him my plan. My GC even told them he would sign any forms or documents saying he wouldn’t build and disappear. The bank wanted him to be 50% owner which means the loan would also have to be in his name.

Originally posted by @Ronnie Crumpler :

@Joe Villeneuve

No sir meaning I didn’t just submit an application. I talked in great detail with the commercial loan officer prior to even applying and telling him my plan. My GC even told them he would sign any forms or documents saying he wouldn’t build and disappear. The bank wanted him to be 50% owner which means the loan would also have to be in his name.

AS much as it may seem as though you had all your "ducks in a row", there's an old statement that holds true to this day regarding agreements..."Not written, not said".

Try a different bank/lender, and this time don't verbally tell them what involvement your GC will have...submit a formal Executive Summary naming your GC as your substitute for your inexperience.

@Joe Villeneuve

I’ve been to about 4 banks so far. I will try the ES though and see what happens. I’m in the process of trying to get my GC license so hopefully that will solve it all.

Originally posted by @Ronnie Crumpler :

@Joe Villeneuve

I’ve been to about 4 banks so far. I will try the ES though and see what happens. I’m in the process of trying to get my GC license so hopefully that will solve it all.

Only 4?  I think I hit on 10 before I finally found one that worked for me.  Then they changed their programs, and I had to find another one to replace it.

I ended up where I think most REI end up...with private sources.

If you're not a member of a REI Club, join one (or more). You'll find your lenders that work well with REI there.

@Joe Villeneuve

I did the banks around my area that people have dealt with in the past. What's a good REI club?

Originally posted by @Ronnie Crumpler :

@Joe Villeneuve

I did the banks around my area that people have dealt with in the past. What's a good REI club?

 One that has a number of members, and is active investing.

@Joe Villeneuve

Great! I’ll see what I can find and hopefully get something moving. Thanks