All Forum Posts by: Ali Barca

Alot of private lending companies would lend to new investors when it comes to fix and Flips, bridge and rental loans. When it comes to large rehab projects and new construction, they tend to require at least a few regular rehab projects as experience before they give you money for new construction.

I believe you have a chance of getting around that if you partner with someone who has done rehab projects recently and/or prove that you have quality help. Your personal experience with construction helps too. You definitely want to show lenders that you have the knowledge and personnel in place to compensate for you not having the experience of supervising rehab projects yourself yet

But banks offer financing to build single family homes for regular families with no experience; my question is can the same concept work here if I occupy one of the units?

0 Votes

San Diego, California

Don’t have any contractor experience on paper but I do know my way around renovations, and is not scared to tackle something out of my boundaries. so I currently have 2 rental properties, had a big chunk of cash and don’t want to take the slow ride to financial freedom. this deal was too good for me to pass on; A land in a fully developed community, snatched at an out of this world price, multi family and ready to be built on not much grading needed.

Quote from @Miranda Holland:

Quote from @Ali Barca:

I haven’t done any flips.

Quote from @Miranda Holland:

When using private and hard money lenders, they want you to have experience supervising renovations before they give you money for new construction. Have you done any fix and Flips in that last 3 yrs?

Do you have contractor experience in some other way? Have you supervised renovations on a rental? Why do you want to start with new construction?

0 Votes

San Diego, California

I haven’t done any flips.

Quote from @Miranda Holland:

0 Votes

San Diego, California

Hello, so I've been looking around trying to find a bank that would do a construction loan on a triplex, I paid for the land, it's zoned right and I've got the builder and is now in the design phase. Banks are asking for experience (3 builds in the past 24 months and such) is there anyway around it ? will occupying one of the units help? should I try and get financing on only the triplex first and then in the future build the 2 ADUs ? any help is greatly appriciated.

0 Votes

San Diego, California

All Forum Posts by: Ali Barca

Ali Barca has started 1 posts and replied 4 times.

Post: Construction loan for a triplex and 2 ADUs

Post: Construction loan for a triplex and 2 ADUs

Post: Construction loan for a triplex and 2 ADUs

Post: Construction loan for a triplex and 2 ADUs