All Forum Posts by: Benjamin Wakefield

Closing on a fully entitled 14 unit  townhome project with building permits in hand.
Close to the Boise foothills!

We have a development fund set up and are looking to raise an additional $1.9M to close the construction loan at the end of the month!! 

$250k minimum investment - structured as a waterfall

18 month turn around max!!

 Please get in touch if you have interest!

I could use the spreadsheet!

My attorney is drafting a contract. He’s over cautious, so I’d like to see what sort of language is there there regarding the deed of trust. Can we be protected without a deed transfer?

Zach!

Would you be interested in selling a lot?!

First of all, is there any way to get this working before she retires? Would be nice since she is now showing income. Second, remember the 6% she will have to pay in agent fees on the sale. 

Finding the right bank to do the construction loan shouldn't be that difficult, and maybe, depending on the market, she can stay in her home until the new property is ready, or within a month or so of being ready. It will be an interest only loan, until the construction is done. Then she can sell and move?

Definitely get the cash out refi going ASAP. That capital is super valuable to use on any property regardless, that way, once you find the property, you don't have to wait for the refi to go through!

I am doing the same, I just make sure I added as much value to the property as possible, within reason to get ready for appraisal. 

Is there anything you can do to add value to the property to increase the appraisal? 

Interior finishes, paint, front door, landscaping, windows?

I have the opportunity to build/buy a commercial mixed use property just outside of Boise, ID

Looking for creative ways to finance construction through completion

I’d rather not put full 25% down,

Any suggestions?

I will be doing excavation and concrete myself and hiring subcontractors directly

Good Morning!!

I have an opportunity to have first dibs on a brand new commercial mixed use building - 7500-10000 SqFt in an amazing location, just outside of Boise

What I am really asking for is lending advice

If there was a way to do 15% down that would be ideal

I can save some money as I am in the Construciton industry and can do aspects like excavation and concrete myself, and I’ll be working directly with architect, engineering and subs

Is there any creative financing out there for building likes this?

Will I be required to put 25% down?

Will the bank use future building income for approval?

I have zero debt (other than a cash flowing triplex) and high credit score

Coming up with the full 25% down may be tight

Thanks!!!

Thanks for the info!

Kevin,

It sounds like a good plan, but having a new company, it seems like a bank would not consider me for a loan because of the work history/lending requirements?

Joseph,

For hard money, I obviously need to analyze the deal, but also, need to make sure I have an exit plan and will be able to refinance within a year. Does this sound accurate?

Thanks guys!

Ben