Updated almost 17 years ago on . Most recent reply
New Construction
Never ventured into Hard Money or Private Money. I am a new home builder and have a piece of property that is currently paid for (valued at 85K). Looking to borrow about 140K to construct a spec house on the property.
It appraised for $275K when I was trying conventional financing but the loan company discontinued the spec program before the loan could be finalized. I have grown tired of banks, strict draw requirements and lack of flexibility.
Have talked to a hard money lender but the 3 points and 15% interest makes a little leary of going in that direction. Was hoping to find a private investor who would like a guaranteed set return on the sale property and is willing to wait for the property to sell. Will let them hold a first note in return.
Any good avenues for finding private money lenders?