Private money lender for new construction needed
Good evening,
I am looking for private financing for a container project in the Lake Tahoe area. I am looking for financing for both the purchase of the lot and construction. I have drawn plans in place and am speaking to the seller currently. The size of the lot is just over 6000sqft and est. sqft of the SFH is 1400sqft. I have estimated the total cost of the project at $410,000 for me.
ARV: $615,000
Construction: 210,000 @ $150sqft
Purchase price: 185,000
Misc: $15,000 (utilities, dumpsters, loan fees, etc)
Closing cost: $3,000
$18,500 interest paid to lender @ 10% interest rate
Total expenses: $431,500
The time of the project is projected to be 6 months. I will wrap all expenses, then refinance the property into a 30yr conventional loan at 70% LTV.
Asking Loan amount: $410,000
I would love to discuss further, show you the plans, run the numbers I have with you, and answer any and all questions you have. I encourage all of the above!
Best,
Keaton Lynn