Hard Money Lender Question?
Have anyone used hard money lenders on a project. My partner and I are thinking of going that route on our first development project. I was "iffy" about them. I have heard several different horror stories about them.
So before I approach them I wanted to get some advice from you guys.
Thanks....
HB Inc.
You now can get financing through TCI on your Commercial Projects.
Please go to your MyTCI > My Loan Projects area and start your application. You will receive bids on your project from multiple lenders.
Here is the direct link.
http://www.thecreativeinvestor.com/commercial/modules.php?name=LenderFinder&op=loanprojects
Once you purchase your land, it appears that you have some time to plan out your project. Another idea you may not have considered would be to build a larger structure to accomodate another tenant or two. This would allow you to offset some or even all of the carrying cost of your practice (free rent) not to metion a potential profit from the special purpose entity (LLC) that you would want to set up to hold the real estate. Additionally while structuring the financing proposal, it may be easier to obtain financing on an income producing commercial property as opposed to an Owner Occupied alone. I would think tennants of like kind (medical practices) could also bring synergies to your own existing practice. Another possibility is to develop it as Medical/Office Condo Complex and sell the additional units for profit.
As for the financing, this website has a couple options that may be some assistance in your search outside of your local market. http://www.thecreativeinvestor.com/commercial/modules.php?name=LenderFinder&op=loanprojects
You can also look through the Members Area.
Thanks for the info. OK I have found a builder and my financing is in place. I am building this home as an investment. I am building this home as a start for my building company so I am working in partnership with a builder that understands that he is only a figure head on the financing and all other functions are sub-contracted to my building company. I am a registered builder but I have to find reliable subs. I already have the plans drawn and the site plan completed and submitted for the storm water management, tree conservation plan and sediment control. I am using this project to create the cash flow for bigger projects and to have the cash to qualify for bigger investment properties. It has just been crazy finding contractors for certain functions