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Updated over 6 years ago,
Best companies in AZ on a Presold Spec
I have been doing a significant amount of new construction and rehabs(flips) in the last couple of years and have begun to realize that I probably should have transitioned away from hard money to more of a portfolio lender at some point but haven't yet done it. Currently, I have 2.5M out currently between New construction and flips and my true APR (When points and compounding are included) is in the 13-15%
To complicate matters slightly. We created a new entity 9 months ago and added some partners to the venture, as a result, I don't have much in the way of tax returns to take to a conventional lender. We are just starting to see significant profits on the horizon with this entity several flips we have completed, sold and are now in escrow.
I currently have a pre-sold new construction home that we haven't started yet. I don't have financing locked down at this point and wanted to reach out to the BP community to see who everyone would recommend that has reasonable costs, lends outside of Phoenix in AZ, and that is going to be fairly easy to work with.
I would love to hear of any recommendations that everyone has!