Homebuilder Seeks $1.5m Hard Money Loan to Finish Home

[Carl Cook]

My tract of land is in Everett, WA, within 2 miles of the giant Boeing plant. I have built out all infrastructure on this tract for 5 homes including water main, sewer main, extensive stormwater system, in-ground electrical and comms, as well as concrete project street and sidewalks. All has been inspected and approved.  Address is 2908 122nd St SW, Everett,WA 98204

The land is ready to build. I have built unit 1's shell complete, however have run out of my own money.

I need to refinance the existing loan on the property which has a balance of just slightly over $1m, and need about $450k to complete unit 1 to sell.

I've searched on Zillow for 6 BR 3 BA houses (as mine are) in Snohomish County, WA that are new construction and about the same size as mine, and they come in from $1.45m through $2.03m.

My debt is for the land acquisition, infrastructure, and units 1 and 2 as they are today. My cost to build one of these homes is approximately $733,000. Completion and sale of unit 1 would cover all of my debt.

Given the expected value of each finished home ($1.45m or much better), the value of my 4 remaining lots is at least $362,500 each.  I am willing to pledge all lots plus unit 1 toward the loan on unit 1.

For the loan I will pay hard money interest rates because I want to keep this going, now. You will be secured with a first lien, and get exceptional returns. This can be structured either as a bridge loan, or construction loan with draws and interest carry. The term can be 8 months, or 18 months if you'd like to finance unit 2 when 1 is done.

I have been building homes (and apartments) since 1984. I am happy to meet you on the jobsite to give a tour. Loan Proposal Dossier with more detail, on request.

The Plat Map:

Unit 1 today:

Units 2-5 lots today:

LDA Approval:

The Applicant Name/Address above is who I am and where my own home is. Quantum Equities was my development company before I changed the name to harmonize with this project, Enclave, LLC.