First Time New Construction | North Carolina

[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!

[John O'Leary]

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.

[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 

[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?

[Josh Wagner]

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

[Josh Wagner]

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!