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Updated about 1 hour ago on . Most recent reply

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Cody Foran
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Private fund or better options?

Cody Foran
Posted

We build tiny homes and sell them on CFD, I've talked to a few lenders that mentioned a private fund, may be ideal to fund these.

Im wondering if that's the route to go or is there a better option? A quick run down on how we operate. 

We utilize a private lender now. They fund these loans 100% which covers land accusation, and build cost. 
Term 6 months, interest only payments. Followed by a balloon payment at the end of remaining balance. Interest rate fixed at 12.9%

Loan is dispersed via draws. 

Our typical timeframe start to finish is 60 days. From the time we acquire land and build to the time it's sold. 

So my question is, is a private find the way to go to fund these types of deals?  Also any investors that this seems like an interesting idea to, I would be interested in chatting

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Cody Foran
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Cody Foran
Replied

@Scott Wolf no complaints with our current set up. Would just like to get another investor on board too kind of scale these a little faster, as our current investor is only interested in doing one at a time

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