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Updated over 2 years ago on . Most recent reply

User Stats

3
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1
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Marques Brown
  • Real Estate Broker
  • TN + NC + FL
1
Votes |
3
Posts

New Construction Financing assistance.

Marques Brown
  • Real Estate Broker
  • TN + NC + FL
Posted

Here is my scenario. I am a real estate broker and GC. I am struggling with the comfortability issue of using hard money lenders or other creative type lenders when it comes to financing my personal real estate projects. The good news is that I am in the Gatlinburg/ Pigeon Forge Area in Tennessee and with me being the broker and the GC, I can keep the build cost to a minimum.  So many different ways to go: Hard Money, Conventional, partnering up, etc... Here are my obstacles from a financing point:  No proof of income (This is my first year doing this full-time without my salaried job), however, I do have over an 800 credit score with history of fix and flips, and renovations, plus real estate sales and a few ground up builds under my belt. Trusting a reputable person that will not screw me over is the biggest holdup. I have been doing this for approximately 20-plus years and am finally ready to do my projects; I just need guidance with this financing stuff. I have a home with equity, but I don't want to touch that and shouldn't have to if I build the house at cost. Any ideas or guidance on lenders or how to navigate these waters?

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