Where do I find Hard Money/Private lenders?

Question

I'm in NJ and I'm just getting started in RE. I am buying land, going to build the house from scratch and sell it. Basically RE Development. My Dad has been a contractor for 30+ years so thats why I'm going this route.

My only question is how do I find hard money/private lenders for this sort of thing. It would be a 2-3 month project I'd assume to get everything built and sold. Are there lenders who do this? Where do I find them? Thanks

Jay Hinrichs · Answer

a new build in 2 to 3 months ?? thats some pretty quick time lines . Most construction loans are written for 12 months or longer and most new build to sold and closed average closer to 9 months or more.. I would use those figures when you run your pro forma i dont think many lenders are going to buy off on a 2 to 3 month start to finish.. just sayin.

Simmy Ahluwalia · Answer

Exactly! No offense, but your lack of experience is showing. No builder can complete (unless it's modular) a home in 2-3 months....6-8 months best case scenario.

Devin Peterson · Answer

Use the find a lender tab. Im sure your dad has some solid pre-existing relationships as well no?

Nate Herndon · Answer

Hi Jack - Bigger Pockets is a great place to start. For example, I work with dozens of national private lenders who fund rehab projects, new construction, and 30-year fixed loans for rental properties. As a broker, I'm always trying to find the best deal for the specific client and property.

If you are looking for local private money lenders, your local real estate investment groups might have some leads for you as well.

Most institutional private lenders are going to need an appraisal/valuation of the property, and permits to be issued for the construction of the building (if your area requires it).

Where do I find Hard Money/Private lenders?

Where do I find Hard Money/Private lenders?

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