All Forum Posts by: James Wesseldyk

Hi Chad, 

Thanks! I’ll send you a message. Yes, I have 1 spec home completed, and have several in the works. 

Hi Caroline, land value 30k, no curbs/gutters, will be installing well/septic/utilities. We have plans/pricing.  I have experienced licensed general contractor who will be completing everything. Build cost 260k, value when complete 400k. Looking for 260k. 

I have several in the works in the West Michigan area if you are interested in taking a look. Be happy to send you details.

Thank you!

james

Hi Adam, 

Thanks for the reply, Just sent you a message!

Hello,

I own several lots that I am planning to build on in West Michigan, some of which are considered rural. Some lenders that I have been working with are telling me they cannot do the financing if it is considered rural. Are there any lenders out there that you recommend that can help? All of the deals are in great areas and will have plenty of margin. Any recommendations would be greatly appreciated, thank you!

James Wesseldyk - JRW Real Estate

Hello,

I own several lots that I am planning to build on in West Michigan, some of which are considered rural. Some lenders that I have been working with are telling me they cannot do the financing if it is considered rural. Are there any lenders out there that you recommend that can help? All of the deals are in great areas and will have plenty of margin. Any recommendations would be greatly appreciated, thank you!

James Wesseldyk - JRW Real Estate

Hello, 

I own several lots that I am planning to build on in West Michigan, some of which are considered rural. Some lenders that I have been working with are telling me they cannot do the financing if it is considered rural. Are there any lenders out there that you recommend that can help? All of the deals are in great areas and will have plenty of margin. Any recommendations would be greatly appreciated, thank you!

James Wesseldyk - JRW Real Estate 

Hello @Raj G., 3 points and 11%

Hi Jay, thanks for the response. Other lender ok with a 2nd. Previously I have paid gap funder 12-15%. Better than having the money sit in a savings, a CD or the stock market these days… Do you know of anyone that may be interested? 

Hello, 

I have 5 single family builds that I will be starting soon in Michigan.  Have primary lender in place. 

Looking for private gap lender to cover out of pocket and holding costs. 

House 1- cost to build 300k, ARV 390k. 1st lien will be 285k. Looking for 45k to cover out of pocket and holding costs. Will be 2nd lien position. Exit strategy- sell when complete, 6-8 months

House 2,3,4- cost to build each 240k, 320k ARV. 1st lien 168k. Looking for 90k to cover out of pocket and holding costs, so total of 270k for 3 builds. Will be 2nd lien position. Exit strategy- sell when complete. 6-8 months.

House 5- cost to build 270k, ARV 390k. 1st lien 189k. Looking for 110k to cover out of pocket and holding costs. Will be second lien position. Exit strategy- retain as rental. 6-8 months. Cash out refinance at 80% to pay off both loans.

Experienced GC will be completing builds and ready to start. I look forward to connecting and seeing what terms you can offer!

James

Hello Patrick,

I have construction loan set. Looking for gap lender to help cover cost of land and holding costs. Land 75k, construction 300k, sale price 480k. Is this something you or someone you know could help with?