All Forum Posts by: Don M.

Update:
Digging and form boards placed, ready for underground plumbing.  Eager to get through slab process.

 Hey Tiyu,
Unfortunately, this is a new process for me (and am doing a single family), so I can't be of much help.  As you're aware, Cape Coral code and zoning can be strict.
In terms of how I found a builder: I did so through a turnkey provider that you can find mentioned throughout this thread, knowing that I had a lot to learn through this process.
Good luck moving forward!

I'd guess they'll stay around 6%-6.75% for the majority of the year.  Realistically, the responses in this post confirm that I have no idea.

@Mimi Phan
I went under contract Jan 2022, permits approved Aug 2022, but slab not poured yet.  However, I closed on my particular loan after permits were approved.  Your situation sounds challenging.  Have you had any guidance on potential other lenders that may be able to take over?  I have been aware about the two parties not working together any longer since nearly the start of the project.

@Joseph Crunkilton
I have a construction loan, where (after deposit to builder), I pay interest only on draws made by the builder.  My interest is 9.75%, but don't pay on the entire loan.  Once the project is completed, the plan is to than refinance into a conventional mortgage.  My particular lender is Peak Asset Lending.

@Eric Winkler I appreciate the response.  I do like to inquire about how others are progressing, in general.  As an example, another customer with Delta recently posted a couple days ago in another thread that his build is complete and he is happy with the quality and outcome.  If anyone is interested you can search Cape Coral and it should come up.
I do have a couple questions, and am about to email you.

Just checking in, if anyone has made some progress/received updates in the last few weeks?

 I am using Peak Asset Lending and the broker I used is Naycor Solutions.  Not sure if they are still funding these deals; I know they took on several projects in Cape Coral.

@Miles Viant
Do you mind me asking who your builder is?  I'm glad things seem to be moving along for you.
Their permitting system update definitely has had some pros and cons.  Throw into the mix all the emergency permits after the storm, and that definitely slowed things down for some contractors.

I listen to On the Market pretty religiously and caught that episode.  I also follow the Cape Coral market pretty closely and New Construction continues to be in demand and move quickly.  A lot of price decreases, days on market increases, and inventory increases can be attributed to some of the damaged properties that have been listed.  With that being said, Cape Coral inventory is on the decline again, which bodes well for continued demand.

Good luck; Hopeful for success at the end of these projects for both of us, despite the challenges and barriers!

 Definitely appreciate the update.  So if things go as (now) planned, you are looking at about 2 years from start to finish?  Were most of your delays related to permitting, or other material/labor issues?

Fortunately, the home values and rents still look very good.  Of course, mortgage rates, insurance rates, and taxes have all increased, as well.

I purchased my lot/sent deposit in Feb 2022, Permits approved in August 2022, and lot work/fill dirt/ compaction has been done, but awaiting fees to be paid and slab to be poured.

Thanks again for the insight.

 Did you get this project completed, Miles?  Appreciate any insight.