how to get financing for a spec home in Charlotte, NC

[Adam Nessen]

Trying to work a deal with 2 partners as a JV. We have a builder, and want to see if financing a construction load as a JV is even possible. I was already told by 1 lender that no one in the area with lend any money to builders, or investors. Thoughts?

[Karen Margrave]

@Adam Nessen I will tell you that if you're going to be in this business, and building "spec" houses, you're going to hear a lot of lenders tell you no, or it can't be done, or nobody is doing those loans. You have to have perseverance to be in this business, and not quit IF you have the people with the experience to build the project, and a good project. 

The question always is, what are you bringing to the table, and what are you asking them to provide? Does it makes sense? 

What you are looking for is a construction loan that would be personally guaranteed by all three of you, is that correct? What is the value of the project upon completion? What will the total costs be? What are you putting into the deal? What is your experience? 

All lenders make decisions based on the ability of the borrower to complete the project and pay them back.