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Updated over 6 years ago on . Most recent reply

User Stats

107
Posts
54
Votes
Jason Luongo
  • Investor
  • Lake Worth, FL
54
Votes |
107
Posts

Financing Hard/Private/Line of Credit For New Construction Multi

Jason Luongo
  • Investor
  • Lake Worth, FL
Posted

Hey BP Family!,

So I recently purchased a lot in SW Florida that is zoned for multi-family. I already have a sales contract signed with a builder to build a duplex. The cost to build the duplex will be 255k. However they have been appraising for 300k - 310k. So when I refinance out of a short term loan, there will be a nice chunk of built in equity. I am looking for recommendations for some short term financing. I have EXCELLENT credit (almost 800) and am a business owner that showing a nice income on my tax returns. Does someone have any recommendations for lines of credit, new construction loans, or private/hard money lenders. This duplex is a great deal for because of the built in equity and rental rates in the area. Thanks in advance.

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