Looking for a Hard Money Lender 90% LTC
Hey everyone, looking for a creative hard money lender on a new-construction SFH deal in in-town Atlanta.
Quick background: I spent the last 4 years at a development firm in California, ending up as head of construction and finance, where I helped deliver 250 units (mid-rise multifamily). Before that I flipped 5 houses here in Atlanta (2020-2021). Because my recent work was multifamily under a company, I don't have the "3 ground-up SFR builds in the last 3 years under my own name" track record that conventional construction lenders want. The experience is there; the personal deal history checkbox isn't. Building a 2,300 SF home is honestly fun compared to a 100-ft, 85-unit building.
I am in the process of putting two lots under contract in Atlanta, I will take them through permitting, and would like to close on the land and start construction in 3-4 months with a lender.
Deal Numbers for each lot (prefer to purchase both)
Lot purchase price: $175k
Construction Cost (inclusive of interest & fees): $475k
ARV: $850k
I started speaking with lenders this week and realized my assumptions regarding the lending piece were incorrect.
I have $140k liquid to put into the deal, which covers the down payment at 90% LTC, but I can't meet the additional liquidity/reserve and asset/balance-sheet requirements most lenders layer on top. Credit is solid (750–760). I'm fine with a higher rate to make the deal work.
Ideally this is the start of a long term relationship, I plan to keep building in Georgia and California. Is this realistic in today's market? Open to DMs.
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Do you own other real estate that you could use as collateral for the loan? Or perhaps you know someone else that would be willing to give their property as collateral in exchange for a piece of ownership in the new construction project>?