Lender for new construction spec - residential

[Dewey Golub]

Starting a new high-end residential spec project.  There are some good options for lenders in our market however I would love to know if there is a lender that you have used that you love.  We have a local credit union at 1% origination and 7.25% rate, plenty of good locals at a point and prime plus one, and some good local private lenders.  Does anyone have a bank that loves new construction spec, makes it easy, and has good terms?  Land is $1m, build is $1.5m and sales value is $3.5m. Thanks!

[AJ Wong]

Hi Dewey,
Sounds like very fair terms. For a second opinion reach out to @Joseph Chiofalo . We've worked together 20+ years and they're a national lender with full spectrum of residential & some commercial programs. Many exceptional. 

[Robert Ellis]

Quote from @Dewey Golub:

Starting a new high-end residential spec project.  There are some good options for lenders in our market however I would love to know if there is a lender that you have used that you love.  We have a local credit union at 1% origination and 7.25% rate, plenty of good locals at a point and prime plus one, and some good local private lenders.  Does anyone have a bank that loves new construction spec, makes it easy, and has good terms?  Land is $1m, build is $1.5m and sales value is $3.5m. Thanks!

 I'd never use local lenders ever for construction financing 

[Jacob Sherman]

Yes this would be something for us . We are a direct lender . 50% of the land covering 100% of the construction . Its a limited doc program 

[Robert Ellis]

Quote from @Jacob Sherman:

Yes this would be something for us . We are a direct lender . 50% of the land covering 100% of the construction . Its a limited doc program 

 my suggestion is to close the land cash and refinance into multiple loan options and negotiate with at least 5 lenders and talk about terms. you may not even be qualified. Jacob is very smart and very active I've spoken to him about our projects in columbus.