Looking for Construction Loan Lenders in Dallas for Spec Development

Dallas, TexasWantProfessionalsLender
Classifieds
2yFollow

Looking for Construction Loan Lenders in Dallas for Spec Development

King White
Member since 2023 · 3 posts · 2 votes

I am looking at building a few speculative homes in the Dallas area and needing to talk to a couple of lenders.  I would pay cash for the existing home then use lender to finance the the demo and construction.  Construction loan amount of $1M to $2M per house.

1Reply
15 views

Most Popular Reply

AJ ExnerPro Member
Lender · Springfield, MO · Member since 2023 · 654 posts · 315 votes
2y

Hey King,

Is this something you guys have done in the past? If you have a little experience doing this and the numbers line up, I think I have a few programs who could help, but we would need to discuss some of the numbers a little more.

Just shot you a DM.

Thanks!

[email protected]417-427-2612
1Reply
See this reply in the discussion

3 Replies

Jump to latestLatest
  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 654 posts · 315 votes
    2y

    Hey King,

    Is this something you guys have done in the past? If you have a little experience doing this and the numbers line up, I think I have a few programs who could help, but we would need to discuss some of the numbers a little more.

    Just shot you a DM.

    Thanks!

    [email protected]417-427-2612
    1Reply
  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    2y

    Spec development is going to be tough with lenders for new builds.  Tougher probably in that price range.

    I'd talk to all the local banks....Chas at North Dallas B&T is one that might help you or point you in the right directions.

    Talk to Aaron Terry at Asset Based Lending.

    Talk to Chris at First Financial Bank in Midlothian.

    I expect all of those are going to want to see real skin in the game and a good track record of experience.

    The other option is go to some of the Quest events and try to meet up with people that have cash in their IRAs looking to deploy it.  I expect that is not a one and done type endeavor, but a consistent go 1-2x a month or as often as they have events and meeting people 1x1.  They're also getting ready to have a big expo I think and that is another place to meet people with private money.   

    Probably also a bit easier if the bank is located in/near the market you plan to target.  They may have a better feel for what works and doesn't work in the area and where they are willing to take the risk.

    0Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    2y

    I wouldn't talk to local lenders I'd talk to national lenders in all honestly local lenders are much worse. I sell spec new builds to investors who get financing from all over and I'd never recommend local. that is for Columbus Ohio. maybe Dallas has great lenders 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free