Hi We would like to find hard money in Florida to build one to 4 houses asap.
Anyone know who to turn to for this?
What size loan amounts are you looking for on the construction?
Do you own the land?
Is the land raw?
too many questions to post here, please contact me for further info.
Have you tried your local rei clubs? I met a couple of HML when I first attended my first rei club meeting in Broward count last month!!!
steve
I know national city will financing land+lot + closing cost on pre-construction using stated or full doc.
They use the appraisal value of the home so with stated they go 85% LTV and full doc its 90% LTV.
example: preconstruction price $200K
appraisal $260K
Stated Loan at 85% LTV = $221,000
Estimated Closing cost 6% = $12,000
Estimated interest during construction $6,000
Total Loan need $218K…In this situation, the bank would provide 100% financing as the total money needed is less than $221K…
I had 2 loans with them but my homes were $235K purchase with appraisals at $285K…
where r u located in florida? I’m just a newbie investor in Melbourne, but actualloy working in South florida.
steve
Steve…what club did you attend in broward county…
I live in ft lauderdale area and have gone to BRIC a couple times and R.E.A.L a few times. It’s tough with my work schedule to go but occassionally i get to attend a meeting…