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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

674
Posts
374
Votes
John O'Leary
Pro Member
  • Lender
  • Winter Park, FL
374
Votes |
674
Posts
John O'Leary
Pro Member
  • 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.

  • John O'Leary
  • [email protected]
  • 800-663-4122
  • User Stats

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