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Updated over 3 years ago on . Most recent reply
New Construction Financing - No New Build Experience
Hey BP - The hard money lender that I have built a relationship has an experience requirement for their new construction loans. To get the financing you have to have preformed 5 successful new builds, to prove you have successfully completed new construction projects. It makes sense as an underwriting term to de-risk their loans but it puts me in a chicken or the egg situation. While I have done 14 deals with them this year and have experience with heavy rehab, I don't have any ground up experience. I would really like to get into new construction, but don't have a great lending option, at least that I'm aware of. Any suggestions or advice? Thanks!
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#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
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