All Forum Posts by: Jason Sandusky

Hi Treza,

Not sure where you are in the process there, but when your ready to exercise financing options please reach out, it's very difficult to find a ground up program for inexperienced borrowers without having an experienced GC sign on the loan with you which in turn is not easy to find. 

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units. Please feel free to reach out for discussion. 

Financing a Multifamily (5+ units) project for a 0 experience borrower will be just about impossible to find.  It is extremely hard to find programs for 0 experience simply on the 1-4 unit side of ground up construction.  The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find. If this isn't required, then most likely having the GC sign a completion guarantee to ensure the project gets finished and lender is not stuck with a partially complete asset is the case.  I would first attempt a 2-4 unit to get the experience under your belt. Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell.  I have a program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable.  700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.  Please feel free to reach out for discussion. 

Cannot seem to find anyone to provide Horizontal funds without an attached vertical component!!! Building multi rental community in AL secondary market, land owned FC, need $1.5M for 6-mo to get site vertical ready. CBRE appraisal dated 12/30/24 as-is $3.8M, 42%LTV request should not be this hard to find. Looking to leverage the land for the majority of this request to get through the dirt work while we finalize sale of a couple assets in the REO in order to strengthen our liquid position in addition to the value spike of the land upon completion of horizontal should enable us an easy 60-unit phase 1 build out as it's most cost efficient.

What am I missing here!? Does anyone know who's lending on dirt currently!?!?!?