Looking for a private lender

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Looking for a private lender

Luis Prieto
Member since 2018 · 61 posts · 22 votes

Hi everyone, im currently at drywall kn a 3440 sq ft house that we have self funded to this point. I woukd need 130-150k to finish. All inspections except the final occupancy have passed. We own the land free and clear. After drywall is done (here shortly) we will be strictly at interior finishes. I have 2 pre approval letters for 200k from 2 lenders. Im open to a traditional loan with interest payments and a baloon. However, I would also be very open to a lump sum balcón when refinanced. I have any documentation available and very willing to show the house in person if someone is nearby. Home is being built in Omak, Wa and are should be north of 700k

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
1mo

Omak I funded 3 deals in and around Omak and flew into the airport there to check them out was a lot of fun back in my flying days.. small market I suspect your going to want to talk to a local lender maybe a HML bridge lender in Wenatchee or Seattle.. Might be too rural for the brokers and national lenders on this site. If you strike out ping me I would look at it as stated I know the area well.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    1mo

    Omak I funded 3 deals in and around Omak and flew into the airport there to check them out was a lot of fun back in my flying days.. small market I suspect your going to want to talk to a local lender maybe a HML bridge lender in Wenatchee or Seattle.. Might be too rural for the brokers and national lenders on this site. If you strike out ping me I would look at it as stated I know the area well.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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  • Luis Prieto
    OP
    Member since 2018 · 61 posts · 22 votes
    1mo

    Thanks for the story about your travels to Omak. I'm going to look local next week and hopefully I'll find someone willing to look into the scenario. I have what I believe to be somewhat of an interesting story.

    0Reply
  • James Driscoll
    Banker · MA · Member since 2026 · 120 posts · 31 votes
    1mo

    The situation you're describing is actually pretty clean from a lending standpoint, even though it doesn't fit neatly into a conventional box. You've got free-and-clear land, a home that's passed inspections through drywall, two pre-approval letters showing exit financing is viable, and an ARV north of $700K against a $130-150K ask. That's a solid loan-to-value story.

    The challenge is that most traditional lenders won't touch a mid-construction draw loan unless they originated the construction loan from the start. So you're probably right to be looking at private or hard money for the bridge piece. A private lender in that scenario is going to care most about the appraised-after-completion value, your clear title on the land, and a realistic timeline to the final occupancy permit. With the numbers you're describing, the LTV should be attractive to most private capital sources.

    Worth knowing: when you're ready to refi out, a conventional lender will typically need the CO in hand and some seasoning, though the exact requirements vary. Some lenders can work off an appraised value at completion without a long seasoning window, especially if the loan is under conforming limits or fits a non-QM profile. Given you already have two pre-approval letters, I'd go back to those lenders now and ask specifically what they need post-CO to move forward, so you know exactly what finish-line looks like before you commit to the bridge terms.

    One thing worth mentioning: for borrowers who need to qualify on something other than standard W-2 income after construction, bank statement loans and asset depletion programs are options worth exploring on the refi side. Those programs don't require tax returns and can work well for self-funded builders whose income picture looks unconventional on paper.

    James Driscoll

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  • Luis Prieto
    OP
    Member since 2018 · 61 posts · 22 votes
    1mo

    Thanks for the information. One of the lenders that has provided a pre approval is not requiring any seasoning. 

    0Reply
  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 122 votes
    1mo
    Quote from @Luis Prieto:

    Hi everyone, im currently at drywall kn a 3440 sq ft house that we have self funded to this point. I woukd need 130-150k to finish. All inspections except the final occupancy have passed. We own the land free and clear. After drywall is done (here shortly) we will be strictly at interior finishes. I have 2 pre approval letters for 200k from 2 lenders. Im open to a traditional loan with interest payments and a baloon. However, I would also be very open to a lump sum balcón when refinanced. I have any documentation available and very willing to show the house in person if someone is nearby. Home is being built in Omak, Wa and are should be north of 700k

    @Luis Prieto
    Having the land free and clear and the project already at drywall should help the conversation. The main question will be whether a lender is comfortable coming into a construction project midstream. I’d have the current as-is value, total cost/spend-to-date, remaining budget and exit strategy ready since those will probably drive the structure.

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