Looking For New Construction/Hard Money Loan

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Looking For New Construction/Hard Money Loan

Kevin Alvarado
New to Real Estate · Chicago, IL · Member since 2020 · 18 posts · 8 votes

I have two lots. I have an experienced builder with years of experience and numerous of new construction done. I have plans and permits in review. I am now looking for funding. Anyone have any recommendations?


Thank you!

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Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
3y

Hey @Kevin Alvarado - You've got tons of options above....none of which are local.  Nothing wrong with that, however, if you plan to do future deals here in Chicago it might be worth it to talk to some local lenders.

What area of Chicago are the lots and what are they worth?  Are the lots free and clear?

I have several great contacts for ground-up lenders in Chicago.  I had a vacant lot in Bucktown that was free and clear...I was able to use the equity in the lot to fund all of the construction.

[email protected]
Quality Builders4.966 Reviews
WebsiteView Page
1Reply
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12 Replies

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  • Doug Smith
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    3y

    That's exactly what we do!

    0Reply
  • Kevin Alvarado
    OP
    New to Real Estate · Chicago, IL · Member since 2020 · 18 posts · 8 votes
    3y
    Quote from @Doug Smith:

    That's exactly what we do!

    Through castle rock capital management? In Chicago?
    0Reply
  • Doug Smith
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    3y
    Quote from @Kevin Alvarado:
    Quote from @Doug Smith:

    That's exactly what we do!

    Through castle rock capital management? In Chicago?

     Based in Tampa, but we'll do investor deals in other states

    0Reply
  • Dennis Muno
    Lender · Denton, TX · Member since 2023 · 349 posts · 80 votes
    3y
    Quote from @Kevin Alvarado:

    I have two lots. I have an experienced builder with years of experience and numerous of new construction done. I have plans and permits in review. I am now looking for funding. Anyone have any recommendations?


    Thank you!


     Hello Kevin,

    I will recommend that you compare financing options from a couple of lenders before you proceed. For new construction loans, how much experience(buying, selling, rehabbing investment properties) do you have in the last 3-5 years with your name on title(not your builder)?

    Some lenders may ask you for that. Hard money seems a way to proceed.

    0Reply
  • Kevin Alvarado
    OP
    New to Real Estate · Chicago, IL · Member since 2020 · 18 posts · 8 votes
    3y
    Quote from @Doug Smith:
    Quote from @Kevin Alvarado:
    Quote from @Doug Smith:

    That's exactly what we do!

    Through castle rock capital management? In Chicago?

     Based in Tampa, but we'll do investor deals in other states


     How can I get in contact with you?

    0Reply
  • Kevin Alvarado
    OP
    New to Real Estate · Chicago, IL · Member since 2020 · 18 posts · 8 votes
    3y
    Quote from @Dennis Muno:
    Quote from @Kevin Alvarado:

    I have two lots. I have an experienced builder with years of experience and numerous of new construction done. I have plans and permits in review. I am now looking for funding. Anyone have any recommendations?


    Thank you!


     Hello Kevin,

    I will recommend that you compare financing options from a couple of lenders before you proceed. For new construction loans, how much experience(buying, selling, rehabbing investment properties) do you have in the last 3-5 years with your name on title(not your builder)?

    Some lenders may ask you for that. Hard money seems a way to proceed.


     We have 3 properties to our name but no experience.

    0Reply
  • Doug Smith
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    3y
    Quote from @Kevin Alvarado:
    Quote from @Doug Smith:
    Quote from @Kevin Alvarado:
    Quote from @Doug Smith:

    That's exactly what we do!

    Through castle rock capital management? In Chicago?

     Based in Tampa, but we'll do investor deals in other states


     How can I get in contact with you?


     I sent you a connection request. I can get you my contact info. 

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Kevin Alvarado:

    I have two lots. I have an experienced builder with years of experience and numerous of new construction done. I have plans and permits in review. I am now looking for funding. Anyone have any recommendations?


    Thank you!


     Hey Kevin, 

    Sounds like a Ground Up construction loan will work in your scenario. You can go up to 80% LTC, 75% of the acquisition, and 100% of the construction financed. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Zach Austin
    Lender · Coastal Capital Funding · Member since 2023 · 27 posts · 4 votes
    3y


    @Kevin Alvarado

    Hey Kevin, I would love to discuss. 

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey @Kevin Alvarado - You've got tons of options above....none of which are local.  Nothing wrong with that, however, if you plan to do future deals here in Chicago it might be worth it to talk to some local lenders.

    What area of Chicago are the lots and what are they worth?  Are the lots free and clear?

    I have several great contacts for ground-up lenders in Chicago.  I had a vacant lot in Bucktown that was free and clear...I was able to use the equity in the lot to fund all of the construction.

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
    1Reply
  • Oliver Bernardo
    Lender · Los Angeles, CA · Member since 2019 · 50 posts · 6 votes
    3y

    PM SENT! Happy to help!

    0Reply
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