Looking for a Construction Loan in Florida

[Rodney Menendez]

Hello BP, I am currently working with a developer in Cape Coral FL building single family homes. I would love to team up with a lender that offers construction loans to be able to scale up since my cash and existing HELOC is limited. Feel free to contact directly me or post your recommendations or other financing ideas. Thank you!!

[Chris Cambridge]

Up to 80-90% LTC, 65-75% LTV

Loans from $100k to $3mm

up to 24-month term options

650 FICO

Let's talk

[Allen Motakef]

Hi @Rodney Menendez

I am looking at investing in new construction in Florida and may be open to invest in your projects.

Allen

[Alvin Taveras]

Hello @Rodney Menendez,

Yes, getting a construction loan for an investment property has become harder to get lately. It's become pretty common for an investor to purchase several lots only to find that can't get approved for the construction loan. If this was for personal use (2nd home) it may be easier but this is likely not applicable. For this reason, I commonly recommend exploring working with a spec builder who will finance the construction and you can close after the home is completed with a regular loan (end-loan only).

If you already own the lot, some builders will allow you to use the value of the loan as your downpayment on the new construction. Often times the investor can simply finance the rest without having to add funds into the deal. I'd definitely explore all options. Let me know if I can provide further assistance. - Cheers!

[Dell Schlabach]

Could try these guys we use them for some of our rehabs in Fla. 

They fund new builds as well, 

https://www.fundthatflip.com

Have been pretty easy to work with, and close loans in under two weeks at reasonable rates, around 8-9% 1-2 points. 

We use them as backup when we run short of private money. Been very happy with them.