Easy funding new construction
I build and hold single family new construction homes as rentals. I always have land paid for but looking for easy source to fund the house building portion. Usually $100,000-125,000 needed. What do any of you recommend. Thank you much
Banks are too stingy these days.
What city and state?
@Tim Hadley Did you ever get an answer? I'm in a similar boat.
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#4 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
LIma one will do verticle loans for very experienced investors. equity has to be at least 65 to 70%
so if you have 150k homes and your lot is 20k you still going to have to bring some cash in.
Janesville, Wi
I am doing one now with our own cash but still looking for other options.
Tim,
Have you reached out to Guild Mortgage. I have contact there which I refer many of my clients to, and they have had great reviews. The mortgage broker I recommend is Ryan Smith, otherwise, Cassie Everhart at Wisconsin River Bank is great as well. Hopefully this works out for you! If you have any questions about investing or managing in Janesville I would be happy to share some knowledge of the situation for you!
Hi any new advice or good lenders? I'm currently building 3 lake homes- started the prep work and finalizing the construction loans this week. So excited. During my loan research I came across several lenders- some good some just said no, then some were just ok. My current terms are decent, but we can always improve our terms. Please share what you find please. my current terms are 10%, 1 point, 100 % construction cost, no broker fee, no interest until i do draws, fast closing 2wks, I had to owe the land outright, believe it or not this is a Hard Money lender.
Lastly, during my research I came across a lender who will do 4.99 not to exceed 8.99 starts at 4.99 and goes up .5 each month, 2 points, Broker of 2points (ouch), 75%Loan to cost, no payments until house is done or refi- none whatsoever all deferred interest, 5 first draws free. This lender seems like the ideal scenario I don't think that this price can be beat. I'm not using them because I already started my first one and I'm closing this week. Anyway, hopefully people can add to this forum-I'm really liking new construction.
@Calvin Ozanick hi I emailed them to builderservices at guildmortgage net but the email came up incorrect. Do you have another contact. I actually tried to use guild mortgage here in San Antonio to refi 5 deals and i was very disappointed with their representation/local loan officer- horrible made me waste about 2 months while paying Hard Money for 2 months with two deals. Hope to hear from you. thanks
Originally posted by @Estrella Carolina Mckinney:@Calvin Ozanick hi I emailed them to builderservices at guildmortgage net but the email came up incorrect. Do you have another contact. I actually tried to use guild mortgage here in San Antonio to refi 5 deals and i was very disappointed with their representation/local loan officer- horrible made me waste about 2 months while paying Hard Money for 2 months with two deals. Hope to hear from you. thanks
Shoot me a PM and I would be happy to help if there is a way that I can.
Estrella I sent you a DM, you did the right thing by going forward and getting the plans done and approved. Did you try to presell at all? Especially since it sounds like these are single family residences in prime locations, a lot of people would probably be willing to wait 3-6 months to get a dream house. Presales and commitments of any sort go a LONG way in helping you get better terms. Shoot me a message when you can I'd like to help.