Land/Construction Loans - Las Vegas

13 Replies

Investor is ready to do new construction. Found ideal lot/subdivision... Seeking referrals for Land and Construction Loans in Las Vegas.

Any suggestions?

@Tyler Petrie  I don't have any referrals. Though this isn't the forum to advertise for a lender, you can do that if you join as a paid member, and put the ad on Marketplace. 

In the meantime, I'll tell you what a lender is going to ask: 

  • What is the experience of the person doing the development?
  • Are they licensed contractors? 
  • How much do they have into the deal? 
  • Is the land paid off? (lenders usually loan a 50% max on land)
  • What are you building? 
  • Do you have approved plans? 
  • What is it going to cost? 
  • Do you have an appraisal on the completed house? 

Those are a few of the things you need to be prepared to answer. I see you are a licensed agent, and you didn't say if it was for you or someone else. 

If you have any questions, @mention me in the post.  

Good luck. 

Thank you for your response. My apologies on posting in the wrong place.

Appreciate your feedback as well.

The property is for a client of mine, not myself...

Hi @Tyler Petrie  ,

Washington Federal might be a good resource for you.  Reach out to Joanne Stetler:

Aliante Branch

3170 W Ann Rd, North Las Vegas, NV 89031

Office: (702) 387-9853

I've met with her to discuss options for other clients, and they usually have some good programs for construction loans.  

Phillip Dwyer, Real Estate Agent in NV (#BS.0142939)
702-212-1912

GREATLY APPRECIATED! Thanks...

BTW, your video looks great! Good job...

@Tyler Petrie , If your client can go the bank route and get approved it will be cheaper.  I am a commercial private lender that can do a bridge loan on construction or development projects, we have less red tape than the banks but the money will be more expensive.   If interested you can submit more details regarding the project to [email protected] 

Originally posted by @Karen Margrave :

@Tyler Petrie  I don't have any referrals. Though this isn't the forum to advertise for a lender, you can do that if you join as a paid member, and put the ad on Marketplace. 

In the meantime, I'll tell you what a lender is going to ask: 

  • What is the experience of the person doing the development?
  • Are they licensed contractors? 
  • How much do they have into the deal? 
  • Is the land paid off? (lenders usually loan a 50% max on land)
  • What are you building? 
  • Do you have approved plans? 
  • What is it going to cost? 
  • Do you have an appraisal on the completed house? 

Those are a few of the things you need to be prepared to answer. I see you are a licensed agent, and you didn't say if it was for you or someone else. 

If you have any questions, @mention me in the post.  

Good luck. 

 Great post @karen margrave , the mention didnt work. I have one set of petite house that I have been pushing back on building, 2+2, what do they usually require say if i paid for the land and the cost to build is around say 100,000, how much can they lend? since you are in orange, i might be able to use the company you use. Thanks a bunch.

@Manolo D.  On our deals we have a couple of private lenders that we've worked with for several years; and know our deals, track record, etc. As for finding new lenders in southern California for construction loans, there are several sources, depending on where in the process you are.

Most lenders want you to have permits approved before they will lend, meaning you have to have the money for all the upfront work, design, civil and structural engineering, soils test, and permit application fees. 

Where is the lot located? What is the size of the lot? Value? Size of house you want to build? Estimated cost to build, etc.? 

@Karen Margrave  I actually havent processed them yet, all i have is estimates, drawings and precon paperworks. I could get a permit processed if there is a chance that there is somebody who could fund the project. lot size is about 5000 sqft, interior is about 1000-1100 sqft. i already presented the plans to the city, i might have problems with only setbacks. i have used ninyo and moore for soils before, if needed, they could come and do tests. i have estimated the costs to be around the 90k at max. the parcel is at whittier. Thanks for the input! greatly appreciated!

@Karen Margrave  Hi Karen, thanks for that, I have uploaded a picture of a charitable and philantropic organization where I am a proud member, Shriner's International. Hope this is ok.

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