Looking for private money lender in Michigan
Hello! I am looking for a private money lender to partner in building some spec homes in west Michigan. Please reach out for details. Thank you!
What type of LTV are you looking for?
1st lien correct, i.e. you own the land or the existing land lender will partially release for the vertical new construction lender?
What city?
Quote from @Patrick Prunty:
What type of LTV are you looking for?
1st lien correct, i.e. you own the land or the existing land lender will partially release for the vertical new construction lender?
What city?
@Patrick Prunty looking for 100% Ltv if possible or as little out of pocket as possible. I might pay cash for land, or may finance. Would like to look at a couple scenarios
Quote from @James Wesseldyk:
Quote from @Patrick Prunty:
What type of LTV are you looking for?
1st lien correct, i.e. you own the land or the existing land lender will partially release for the vertical new construction lender?
What city?
@Patrick Prunty looking for 100% Ltv if possible or as little out of pocket as possible. I might pay cash for land, or may finance. Would like to look at a couple scenarios
Grand Rapids Michigan area
100% of construction cost is possible so long as said loan amount is under 70% of after construction value. You would however need to own the land free and clear so the construction lender can take 1st lien position.
Have you built new construction in this area before?
Depending on experience, I'd suggest you're looking at 2 points and 10% interest on a 12 month loan term
Hello Patrick,
I have construction loan set. Looking for gap lender to help cover cost of land and holding costs. Land 75k, construction 300k, sale price 480k. Is this something you or someone you know could help with?