Where To Find Lenders For New Construction?
i am trying to find lenders in my area(atlanta) for a new construction project. would appreciate any help or resources. thanks
i am trying to find lenders in my area(atlanta) for a new construction project. would appreciate any help or resources. thanks
Two suggestions:
The preferred lenders program here at TCI-- click on Lenders above.
Local banks. There are usually a few who specialize in construction loans. Its a nice niche for a local bank because they can develop the in-house expertise pretty easily and its hard for the Nationals to compete.
Ask around-- go to the bank you usually use and find out who the local construction lender is. Sometimes just the question will encourage your banker to do a construction loan for you for fear that you will move all the business to the other guy.
What about hard money lenders, and would they do business with a rookie in this field. I have my business plan together, but the experince is not there and I can only put the builders general information because we have not did business together yet.
If you own the land, do yourself a favor........
Get into pre-sales, get 50%-80% of it done. Anyone will do your loan at your rates. From there use that for the loan.
In Los Angeles there are many older homes that are only 2 or 3 br and 1 bath. You can add a second bath, add on to the master suite, include a walk in closet, upgrade like crazy (kitchen etc.) and elevate the property to a much higher price range.
Andy
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