General Contractor looking to finance new construction
Just a brief rundown on my situation. I currently own a commercial general contacting company. We have built a few custom homes, however new construction residential isn’t our primary source of revenue. We have been in business almost 10 yrs.
I also have an investment company that has been established for 10 yrs that I’ve flipped a few properties and hold land in.
**** My current issue with the lender that I recently spoke with was that I had to have experience building a SFR on my own property and have sold or refinanced and held in order to be approved for the loan. ****
little about the deal that I’m putting together
I have a piece of land that that is permit ready plans approved ready to build on held it my property with no lien. Held in my property entity that I purposely keep a low balance and doesn’t show a lot of income. And I’d like to build the single family home and refinance with a dscr loan.
would anyone have any advice on this or suggestions
Most Popular Reply
It's all about how we structure and present the experience you do have. I'm great at putting experience packages together for underwriting, and I know exactly what they look for when there's no direct construction experience verifiable by title. I also used to work at I Fund Cities! They're cool, but let me know if you have a hard time reaching them or want another option to consider.