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Updated 5 months ago, 07/03/2024
First Time New Construction | North Carolina
Hello!
I was wondering if there was anyone in here that builds new construction homes in North Carolina? I've wholesaled homes for 7+ years, flipped several houses, and am looking to now focus on building homes, both infill projects and subdivisions. Are there any local or semi-local banks that offer loans to those with no experience? Hard money lenders? Thanks in advance!
New construction financing with hard money lenders typically presents the highest barrier of entry. Most lenders require you to have completed 2-3 builds under an LLC, where you were either a guarantor or had at least 25% ownership. There might be local banks or traditional options available, so I'll let the traditional LOs chime in. You could also consider a joint venture with someone who has the necessary experience, or see if the builder is willing to act as a guarantor.
Would love to connect and discuss some first time builder construction loans . There are options for 50% of land covering 100% of construction
- Jacob Sherman
- [email protected]
- 267-516-0896
Quote from @Josh Wagner:
Hello!
I was wondering if there was anyone in here that builds new construction homes in North Carolina? I've wholesaled homes for 7+ years, flipped several houses, and am looking to now focus on building homes, both infill projects and subdivisions. Are there any local or semi-local banks that offer loans to those with no experience? Hard money lenders? Thanks in advance!
I can flip you over to a lender here in the Carolinas. Let me know and I can put you in direct contact with them Quick closings. What is the LTV you are seeking?
Quote from @Paul Sofia:
Quote from @Josh Wagner:
Hello!
I was wondering if there was anyone in here that builds new construction homes in North Carolina? I've wholesaled homes for 7+ years, flipped several houses, and am looking to now focus on building homes, both infill projects and subdivisions. Are there any local or semi-local banks that offer loans to those with no experience? Hard money lenders? Thanks in advance!
I can flip you over to a lender here in the Carolinas. Let me know and I can put you in direct contact with them Quick closings. What is the LTV you are seeking?
Thanks, Paul! I am looking for roughly 70% LTV coverage
Quote from @Jacob Sherman:
Would love to connect and discuss some first time builder construction loans . There are options for 50% of land covering 100% of construction
I'll send you a message, thank you!