New Construction, New Development Multi-Family $2M to $5Million

[Dexter Markes]

Has anyone completed a Multi-Family Development with LendingOne? 

I've come accross the site through research as an option to my Bank Lending arm due to the Crappy Terms that I was approved for with the conventional route. 

In Fact, I submitted an application in which LendingOne rep replied within an hour. However, I've never gone the internet route for private financing as to why it concerns me. 

I just decided to untether myelf from my local hardmoney lender as well as my local bank due to what seemed to be terms that's getting worse and worse. 

I'm interested in anyone that can share there experience with Multi-Family Private Lending Resources from $1.5 to $5 Million and specifically whether LendingOne is credible in this space.

Open to all replies and experiences!

Thank You In Advance.

[Dexter Markes]

Folks, I greatly appreciate your replies. 

And yes I will speak with lending one on Monday in order to establish a connection for potential transactions. I understand that sometimes rates may not always be exactly what you want or believe is ideal. 

However, there are multiple variables in my criteria of course rates being a Primary Criteria along with several others that I discreetly calculate in Ascending order.

The strength of my exit strategy is a key variable in determining whether I believe the Rate aligns with it as well. And on this project, I've already acquired 3 Pre-Sales Agreements.

I have 10 Townhome Units to build with an ASP of $245/ Sq. Ft....