Updated about 2 years ago on . Most recent reply
Contractor / investor financing
General contractor in business for 40+ years with an opportunity to acquire someone else's unfinished rehab for ~$2M with an ARV of $4M - $6M depending on whether we finish the existing project or tear down and start over with a better design. Projects in this price range are our bread and butter -- custom builds, whole house remodels and additions. Typically architect-designed, but also some design-build.
To date though, always owner financed. We've never been investors or done a spec house.
What are the best sources of financing for this scenario? We'll explore our existing banking relationships, but I suspect there might be better options. Too big for typical fix-n-flip type financing?
100-person employee-owned company with a strong balance sheet. No one owns more than 10%.