High LTC lenders for new construction Central Texas
Hello all! I am currently looking for suggestions on high Loan to Cost lenders for a 1.2 million dollar new construction single family residence project in the Central Texas area that I am looking to get underway in the next couple months. I am an experienced home builder in the area moving into more of an investor roll on this project (working with third party contractor this time.) I have a good relationship with a couple local banks but their policies seem to limit them to 85% LTC which is possible but I am curious if there are any better options out there. My current deals seem to cost about 1% closing point + 5% interest only for a 12 month term.
Do any BP members have any other conventional lenders that do better than 85% LTC if the LTV% on the finished project is low (65-70%?)
It seems from a search of the forum there are many hard money lenders that may be willing to take on more LTC, but what are reasonable fees that should be expected? Do you have any hard money lenders that are good to work with/trustworthy?
I'm new here at BP and looking to network with others in the Austin area and beyond! As I gradually make the jump from contractor to the developer/investor side I see the wealth of knowledge here being a great resource and look forward to growing together! I would love to network with lenders, other successful investors, or homebuilders/contractors!
Cheers! Colton