Go to lender for new construction

[John Archer]

Hello everyone, I'm in search for your go to lender for new construction. I've been in construction for many years now, but this would be my first solo project.

[Jay Hinrichs]

as all these brokers are alluding to direct lenders look for actual experience.

I can tell you how I did it.. I had zero construction experience and in the last 10 years I have built 250 homes from the ground up.. did that in Oregon  Charleston SC  Orlando  FLA

Indy  ( that one was a failure )

So to get started what I did was raised the money to pay cash for the lots ( that was critical) And the first 5 or so I raised the money to pay cash to build no loans.. This was the first 18 months or so.. Once I started closing and could share HUDS I skipped right past the Brokers and HML and went direct to local community banks.. Start small with like a 1 mil building line and now my LOC range from 5 to 10 mil.. All the while though I was paying cash for the dirt. And the huge benefit was until rates rose I was paying 1 point and 5% at the bank and only paying on drawn funds. Plus no junk fees ONLY apprasial fee.. close in 30 days etc etc. Makes a huge difference when the lender bank is local and I meet the loan officer at lot and create a bond with them.. trying to do this on the internet and never personally meeting your construction lender is tough..