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Hard Money Loans For Builders
Please make sure all LOs have this
How to find active builders and spec builders.
one way is to
go to realtor.com, choose a large city
go to filters, click home, age no min, and less than one year. This should list the new construction homes.
get the addresses, the agent usually doesn’t want you speaking with their client, however, call the agent anyway and let them know that you can help their builder to build more homes, and sometimes they will introduce you. if not, then
do a Google search for parcel search using the city, county and state
. Usually, they have a gis map, and you can use it to locate the owner and the owner’s address, where you can further search and get a cell phone.
realtor.com is a great source to see who is building where and at what price.
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This discussion was modified 9 months, 2 weeks ago by
Gustan. Reason: Wrong information
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This discussion was modified 9 months, 2 weeks ago by
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2 Replies
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Hard Money Ventures Call 801 318 8310 Text 310 713 7194 NO DOC, NO DSCR, NO DTI FIX AND FLIP
PROPERTY TYPES: Residential (1-4 Units) LOAN AMOUNT $100,000 – $6,000,000 ■ 80% of Purchase and
MAXIMUM LOAN TO COST
MAXIMUM LOAN TO AFTER REPAIR
SOMETIMES 85% ■ 100% of Rehab Costs
VALUE 70%
TERM LENGTH 12 months, up to 18 at lender discretion
RECOURSE Full Recourse NO DOC, NO DSCR, NO DTI GROUND UP
PROPERTY TYPES: Residential (1-4 Units)
LOAN AMOUNT $150,000 – $6,000,000
■Up to 75% of the lower of land value or purchase
MAXIMUM LOAN TO COST
MAXIMUM LOAN TO
price/60% if unpermitted, plus 100% of construction ■ Max 80% of total project costs
■ EXPECT TO PAY 20% TO 25% OF ALL COST
APPRAISAL 70%
TERM LENGTH 12 months
RECOURSE Full Recourse
BORROWER MUST SHOW THEY’VE BEEN ON TITLE TO NO LESS THAN 2 PROPERTIES WITHIN 4 YEARS THAT SOLD OR OTHER PROOF SHOWING SPEC HOMES BUILT AND SOLD.
THE TYPICAL PRICE IS 2 POINTS AND 14% INTEREST
HARD MONEY PRODUCTS ARE 16% ANNUALLY SO ADD YOUR POINTS ON TOP.
BORROWERS CAN HAVE 7 LOANS ALL AT ONCE, WITH A TOTAL LOAN AMOUNT UNDER $6,000,000
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Great breakdown Thanks Gus!