Looking to Connect with Spec Builders

[Henrry Novas]

Hey BP Community!
I’m looking to connect with experienced spec builders who have utilized hard money lenders, private money, or even grants to fund their projects. Would love to hear about your experiences, advice, and insights.

[Jay Hinrichs]

Quote from @Henrry Novas:

Thank you @Jay Hinrichs!

What strategies do you recommend for securing hard money loans for spec builds? We’re working in a smaller market like Cornelia, GA, where comparable sales data can be limited, and want to make sure we present a strong case to lenders. As a family-run business we’re curious—what factors do lenders prioritize most when evaluating projects like ours? And how can we align our approach to meet those expectations and improve our chances of securing financing? 

lima one does spec loans

builders capital.

they mainly rely on experince they want to see you have done 2 or 3 in the last few years.. 
AMeris bank will do specs I used them.

but if you have zero experience you will have to mitigate it with a lot of cash or get an experienced partner.

What I did in Charleston SC were I built.. I just used cash to build my first 3 specs no loans at all.. once done and sold then I went to lima got one loan from them.. then went to local bank ( much much cheaper) and got a 3 mil  guidance line and went on to build 30 or so in charleston.. you have to prove the model.. its not like buying a rental where lenders look strongly at your fico  fico is required but not the main consideration like and investor loan and all you need is 20% down or 30% down and a few bucks in reserve that wont fly with spec loans..