New construction strategy- New investor

[Bri Hall]

I purchased a residential lot that after being surveyed can have two homes placed on it. Paid cash for it.  

What is the best lending strategy to fund this new construction? This will be built and hold properties. I am looking for some ideas on how to properly fund this thing. I do have a second unfinished property in GA that I can possibly leverage. Should I go traditional bank route? hard money lender? HELP :)

[Azeez K.]

Hi @Ashley C.

I am local investor and have built several new construction projects here in Atlanta. Ideally, the best option from a financial point of view would be to go through a local community bank. I can certainly make introductions if you want. The benefit of this is that you are not paying Hard Money rates so in long term there is a lot of savings going this route. Typically, once the project is done you can get it refinanced via the same bank saving a lot of fees compared to HML (Hard Money Lenders). You can use HML don't get me wrong but if you just put a little bit effort in to pre-planning and getting all your ducks in a row then going with a traditional community bank would be a better option not only for your current new construction needs but also for future acquisitions. Hope this help. Feel free to DM If you need any additional assistance. Good luck and much success.