Private Financing for 2 New SF Construction in Tampa, Florida

Private Financing for 2 New SF Construction in Tampa, Florida

Investor · Boston, MA · Member since 2015 · 7 posts · 1 vote

Hi Everyone, I am a Massachusetts-based investor who has primarily done buy and hold deals in Boston, Mass and Tampa, Florida. Last week, I broke ground on building two single family homes in Ybor City in Tampa, Florida which I am hoping to sell once completed. I am financing the majority of the deal myself, but will be about ~100k short with my personal funds so I am looking to raise the final $100k. I am looking for strategies and advice on how to go about obtaining funding. The land was bought in cash so there is no debt on the property. I have looked into hard money lenders, however with all of the fees and points, interest rates tend to be at least 15%. Crowdsourcing seems like a good option, however, I am not too familiar with that route. A private investor would also be ideal, but again, the issue is finding the right person. Any tips or advice from past experiences would be appreciated!

1Reply
13 views

5 Replies

Jump to latestLatest
  • Specialist · Chicago · Member since 2018 · 126 posts · 51 votes
    7y

    You can go thru a loan consultant to give you many options.

  • Lender · Tampa, FL · Member since 2019 · 21 posts · 15 votes
    7y

    @Eric Sax - So, I am from the Boston area...grew up in Peabody on the north shore. However,  I have lived in Tampa for over a decade and actually work for a bank located in Ybor. I'm right on 7th Ave across from Columbia Restaurant. I handle residential finance and do construction lending, but only on primary residence and vacation properties. However, I work very closely with one of my business/commercial bankers and sent him your message, asking if he'd be interested in speaking with you about financing the deal if I could make a connection. Let me know if you'd be interested in chatting with us and I can arrange a phone call or even a meeting if you happen to be in the area. Thanks!

  • Flipper/Rehabber · FL · Member since 2019 · 15 posts · 2 votes
    7y

    @Eric Sax might be in a position to help here. PM me and we can discuss, if you’d like.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    frankly I think this will be very tough for you to get from any local bank type lender.. its rare that they fund new or first time builders and even more rare that you don't live in the foot print. HML is probably your only option

    or friends and family.. a private investor is taking a huge risk funding new construction in this scenario..

    Also if you have already started to go vertical.. yo may find it tough as well lenders don't like to come in mid stream.

    we make a living bailing out projects that are stalled half way..

  • Lender · Boston, MA · Member since 2019 · 417 posts · 150 votes
    7y

    @Eric Sax sending you message.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.