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Updated 5 months ago, 07/03/2024

User Stats

14
Posts
18
Votes
Josh Wagner
  • Wholesaler
  • North Carolina
18
Votes |
14
Posts

First Time New Construction | North Carolina

Josh Wagner
  • Wholesaler
  • North Carolina
Posted

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!

User Stats

670
Posts
372
Votes
John O'Leary
  • Lender
  • Winter Park, FL
372
Votes |
670
Posts
John O'Leary
  • Lender
  • Winter Park, FL
Replied

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.

User Stats

1,359
Posts
299
Votes
Jacob Sherman
Lender
Pro Member
  • 12 Penns Trail Suite 138 Newtown, PA 18940
299
Votes |
1,359
Posts
Jacob Sherman
Lender
Pro Member
  • 12 Penns Trail Suite 138 Newtown, PA 18940
Replied

Would love to connect and discuss some first time builder construction loans . There are options for 50% of land covering 100% of construction 

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User Stats

327
Posts
161
Votes
Paul Sofia
  • Lender
  • Charlotte, NC
161
Votes |
327
Posts
Paul Sofia
  • Lender
  • Charlotte, NC
Replied
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?

User Stats

14
Posts
18
Votes
Josh Wagner
  • Wholesaler
  • North Carolina
18
Votes |
14
Posts
Josh Wagner
  • Wholesaler
  • North Carolina
Replied
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

User Stats

14
Posts
18
Votes
Josh Wagner
  • Wholesaler
  • North Carolina
18
Votes |
14
Posts
Josh Wagner
  • Wholesaler
  • North Carolina
Replied
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!