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Updated about 1 year ago,
Possiblde construction financing
Halloa to you and thanks for reading! I own a small family business. We develop real estate in South Florida. We contract with an excellent local builder. So far we've done single-family homes for sale. To date I have personally financed each property as a personal construction-to-permanent mortgage. That means I take out the loan myself based on my income (I've got a 9 to 5) and when the property sells I pay back the loan. We now have enough capital to be able to contribute up to 20% of the construction costs and would like to acquire financing through our entity rather than as I have been.
I wonder:
1. What financing is available to my company (S Corp in Florida) to cover the construction costs for single-family homes that will then be sold?
2. Relatedly, what is available to cover construction costs for multi-family properties that we intend to rent rather than sell? We are considering building multi-family structures, holding them, and renting them out.
Thanks again!
I wonder:
1. What financing is available to my company (S Corp in Florida) to cover the construction costs for single-family homes that will then be sold?
2. Relatedly, what is available to cover construction costs for multi-family properties that we intend to rent rather than sell? We are considering building multi-family structures, holding them, and renting them out.
Thanks again!