Updated over 1 year ago on . Most recent reply
Lender for new construction spec - residential
Starting a new high-end residential spec project. There are some good options for lenders in our market however I would love to know if there is a lender that you have used that you love. We have a local credit union at 1% origination and 7.25% rate, plenty of good locals at a point and prime plus one, and some good local private lenders. Does anyone have a bank that loves new construction spec, makes it easy, and has good terms? Land is $1m, build is $1.5m and sales value is $3.5m. Thanks!
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Yes this would be something for us . We are a direct lender . 50% of the land covering 100% of the construction . Its a limited doc program