Looking for another partner

[Joseph Beilke]

Good morning BP community.  I am working with a investor that is high W-2 earner.  We are currently working on a ground up build for a duplex in Palm Coast Fl. The lender in the deal has pulled out on the deal, they stated that at this time no funding will be done in Florida.   This does not effect our current build but it does slow dow the scaling that he has planned.   So here is a break down of the deal he had in place and we are looking for another lender or partner that can do similar terms. 

The partner or lender is a there for reimbursement of draws. The deposit of 15% of the build is not a draw. The investor will pay for the draw when requested and after certain bench marks are made and inspection are passed. The investor will then request either the whole draw amount or only a percentage of the draw. Monthly payment amortizes starting on the first draw reimbursement and added with each additional draw reimbursement request. Minimum payment is interest only, final 18 month term length starts once build is giving CO. No prepayment penalty, automatic 6 month extension if requested. 80% LTV on build or 70% Land and Build

We would like to scale this to 10 builds over then next to 2-3 years.  We are also open to other options and terms. Bring me what you got please ask any question you might have. 

[Anthony Dooley]

How many other lenders have you contacted? If you contact 10 other lenders and they all tell you the same thing, then they know something that you don't. If you contact 10 other lenders, assuming that your plan is solid, then you should have no problem finding funding. During these times of higher interest rates, loan applications are down over 24% from last month. Lenders should welcome your business.