All Forum Posts by: Seth Teel

@Anna San  I've built a couple spec homes in the last 5 years.  I found trying to use a traditional lender, including local banks that hold their own paper, was still very tough to get underwritten, and the process was extremely cumbersome.  That was with an 800+ credit score & 50 renovation projects done personally, and having homebuilder project management experience. Those types of lenders are much more suited for an owner occupant new construction loans. 

When it comes to using hard money for a ground up spec build, most lenders require at least one new construction build of experience.  A few will let you use previous renovation/flip experience to qualify for the new construction loan. If you have zero experience for both it will be difficult to qualify for the loan without partnering with some that does. 

With a hard money GUC loan rates are typically 10% -14%. Origination fees range 1 - 4 points.  Terms: 6months - year, with optional extensions.  Very few lenders will lend on the lot acquisition as well as the construction costs. Most require you to have full ownership of the lot and fund 100% of the construction costs. That being said some lenders will allow a subordination agreement for the lot.  

Let me know if you have additional questions.  I have been through this process personally as well as with my clients both on the RE Brokerage and HM Lending sides of the transaction. 

Hey Y'all,

Apologies for the hiatus last month. We're back and will be hosting our monthly real estate investor meetup Wednesday June 11th, 2025.

This is a happy hour style networking event. We encourage you to come eager to mingle. Be ready to meet investors, agents, contractors, lenders, vendors and other contemporaries in the industry. Bring you deals, your services, your knowledge, your wants & needs.

All are welcome regardless of your experience or knowledge.

Wednesday 6/11/25, 6pm - 9pm
@ Joey's (2417 N St Mary's St, San Antonio, TX 78212).

This is casual happy hour style event.
There is no cost to attend.
We hope to see you there.

FB Event Link: https://www.facebook.com/events/1222631729513926/

This event is sponsored by Distilled Properties (a division of Somos Real Estate).

TOMORROW!
We'll be hosting out monthly REI MeetUp Happy Hour(s).

Wed 4/9/25 6pm -9pm
@ Joey's  (2417 N St. Mary's, 78212).

We'd love to see you there!

Hey Y'all,
Q1 of 2025 is already over! Are you hitting your goals? Is networking one of them? Then come join us! 
We'll be hosting our monthly real estate investor meetup Wednesday April 9th, 2025.

This is a happy hour style networking event. We encourage you to come eager to mingle.
Be ready to meet investors, agents, contractors, lenders, vendors and other contemporaries in the industry. Bring you deals, your services, your knowledge, your wants & needs.

All are welcome regardless of your experience or knowledge.

Wednesday 4/9/25, 6pm - 9pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).

This is casual happy hour style event.
All are welcome.
There is no cost to attend.
We hope to see you there.

FB Event Link:  https://www.facebook.com/events/659219677048877/

This event is sponsored by Distilled Properties (a division of Somos Real Estate).

See Y'all Tonight!
6pm - 9pm 
@ Joey's (2417 N St. Mary's, 78212)

Hey Y'all,
The short month means more networking sooner!
We'll be hosting our monthly real estate investor meetup Wednesday March 12th, 2025.

This is a happy hour style networking event. We encourage you to come eager to mingle. Be ready to meet investors, agents, contractors, lenders, vendors and other contemporaries in the industry. Bring you deals, your services, your knowledge, your wants & needs.

All are welcome regardless of your experience or knowledge.

Wednesday 3/12/25, 
6pm - 9pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).

This is casual happy hour style event.
All are welcome.
There is no cost to attend.
We hope to see you there.

FB Event Link: https://www.facebook.com/events/1324074175302174/

This event is sponsored by Distilled Properties (a division of Somos Real Estate).

One week from today!

Wednesday 2/12/25
6pm - 9pm
@ Joey's (2417 N St Mary's St, San Antonio, TX 78212

FB Event Page: https://www.facebook.com/events/592331653521205/

Hey Y'all,
Happy to announce our first No Pitch MeetUp of 2025!
We'll be hosting our next real estate investor networking event Wednesday February 12th, 2025. 

Are networking and lead generation goals for 2025? Come ready to ready to meet investors, agents, contractors, lenders, vendors and other contemporaries in the industry. Bring you deals, your services, your knowledge, your wants & needs.

All are welcome regardless of your experience or knowledge.

Wednesday 2/12/25, 6pm - 9pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).
This is casual happy hour style event.

All are welcome.
There is no cost to attend.
We hope to see you there.

FB Event Link:  https://www.facebook.com/events/592331653521205/

This event is sponsored by Distilled Properties (a division of Somos Real Estate).

@Azat Suleimenov

Welcome!  

I am an investor, broker/agent, and lender.  I'd be happy to help connect you with the right folks. Shoot me a PM, if you have any questions.

We hope to see y'all tonight @ Joey's!