looking for a jumbo construction for investor

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Nick Bednarczyk
Lender · Sarasota, FL · Member since 2024 · 187 posts · 24 votes
2y
Quote from @Leslie Swart:

borrower owns land worth 1.2 mill. Needs a construction loan for 1.3 mill to build a duplex. Prefers traditional lender over hard money. 


 I do not believe a traditional lender will offer a construction loan for an investment property. Unless you are a top client of the institution. 

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  • Nick Bednarczyk
    Lender · Sarasota, FL · Member since 2024 · 187 posts · 24 votes
    2y
    Quote from @Leslie Swart:

    borrower owns land worth 1.2 mill. Needs a construction loan for 1.3 mill to build a duplex. Prefers traditional lender over hard money. 


     I do not believe a traditional lender will offer a construction loan for an investment property. Unless you are a top client of the institution. 

    1Reply
  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    2y

    @Leslie Swart..echoing the message from @Nick Bednarczyk; I would say the same thing and I don't know the FL market extremely well.  But I know construction lending. Construction lending overall has declined, and traditional construction $ for either spec or rental is very few/far between, even if you have a relationship.  I do construction lending out here in CA for both owner occ + spec and most of the time, no matter what, it's private money lending out. I'd be interested in seeing what your client needs, but I'd also recommend they get more flexible for what's likely available. 

    Jared Rine United Lending Partners53 Reviews
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  • Leslie Swart
    OP
    Member since 2022 · 9 posts · 6 votes
    2y

    thank you.

    0Reply
  • Nick Bednarczyk
    Lender · Sarasota, FL · Member since 2024 · 187 posts · 24 votes
    2y

    i may have a source

    • Up to 85% LTTC** (loan-to-total costs)
    • Up to 70% ARV LTV
    • Permits not required for closing*
    • No prepayment penalties
    • 24-month terms with 3 or 6 month extension options
    • Interest accrued only on drawn funds (otherwise known as interest as drawn/disbursed)
    • Loans from $150K-$3M***
    • No application fee; No income or employment verification
    0Reply
  • David Pearl
    Lender · Member since 2024 · 121 posts · 14 votes
    2y
    Quote from @Leslie Swart:

    borrower owns land worth 1.2 mill. Needs a construction loan for 1.3 mill to build a duplex. Prefers traditional lender over hard money. 

     @Leslie Swart - Is your client an experienced builder? 

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