Just curious…are there still banks lending for residential developments. A few years ago we were trying to fund a project up in Western NC and it was impossible to get funding, even with 10% of the units pre sold. Is it still that tough?
Thanking you in advance.
I’m new in this forum, I am a consultant and have worked with multiple firms
You can check one of my work.
When you say residential development do you mean single family homes, 2 to 4 unit, townhouses, Condo's or apartments or assisted living or over 55 communities? There all different and lender's look at them from different perspectives.
Most builders prefer private financing to banks as most banks are ridged in thinking and inflexible in terms and conditions. The money markets have been pretty good since 2012 or 2013 and private money has been available pretty much through the recession if the project was structured right.
Today funding in all 50 states can be done with the right project, right structure and right team!