Construction Lending

Financing, Hard Money Lenders, Private Money
1

I have a construction project that I am starting, but it is hard for me to get financing. I have a 630 fico and hardly any reserves. This is my first development project but I have high level of experience.

How can I do this? Please someone help!

Also one of the properties that I am rebuilding was bought with conventional leading. I used reserves to buy vacant lot beside this one. Now I need 25,000 holding expenses for the mortgage payment.

Any advice at how I can acquire these funds? I want to do private money and I will pay whatever terms. The project will bee a profitable deal.

2

You need to keep calling different companies until you find one that can give you your answer.

Not all lenders are the same, so don’t loose heart.

3

What is your construction project?

How many properties are you rebuilding?
or Are you building on a lot from ground up?

4

if you have not found your money as yet message me as i may be able to help you out with one of the people i work with

5

Unfortunately, most constructions lending want to see some reserve or at leat 10% of your own money in the loan between soft and hard costs.

Maybe hard moneyif its a good deal or try Biz Mark Mortgage.
They have a subprime construction division.

good luck

6

have you found your money yet

7

There are a few companies which will allow up to 100% financing for construction which very highly depends on your credit, whether you’ve had a bankruptcy, foreclosure, etc. I personally don’t call every company because I have found a great website that always helps me out when I don’t know of a lender that will do the loan www.scotsmanguide.com If you need help with the website or have more questions please feel free to contact me.

8

Although there are only a handful of lenders that claim to offer 100% construction financing (getting it is another thing), the LTV sweetspot for construction lending is between 90-95%.

Check http://tinyurl.com/ycojqe to see if this makes sense (there is a spec loan version that is very similar for those builders that are building for investment).

Feel free to contact me if you want further details.