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11-29-2017, 04:35 PM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
Short Term Construction Loan
I have a local builder, building a spec home (value is 6 mill) and they need a quick 32k for a concrete pour that went bad.
They only need it for 30 days. I have no idea on what to charge for cost. A little out of my element here, have an attorney working on docs.
I am going to get it done, but need some ideas.
Any input would be appreciated.
Thanks
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11-29-2017, 04:37 PM #2
- Join Date
- Jun 2014
- Posts
- 541
What state is the spec house located?
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11-29-2017, 04:46 PM #3
- Join Date
- Feb 2017
- Posts
- 3,429
Why can't the builder use a few personal credit cards? For 30 days, he shouldn't be paying any interest on that one.
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11-29-2017, 04:49 PM #4
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
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11-29-2017, 07:05 PM #5
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Being that concrete is poured at the very start of the project- something doesn't seem right. Since you said 'Spec' Does the builder have a construction loan that pays progress payments? If yes it seems that he doesn't have any credit with his subs- or that the word is that he doesn't pay his contractors.. Make sense? Seems weird that he's light Capital now- at the beginning of the project.
Micah's idea is spot on but I'm guessing the credit isn't stellar
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11-29-2017, 09:43 PM #6
wow, i would be concerned that he doesnt have 30K liquid for a construction project thats estimated at $6MM, i fund groud up all the time and require that the borrower has 10% Liquid to start the project untul the draws start clearing..
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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12-01-2017, 07:34 PM #7
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
So, i pulled credit, I am not touching this deal. 512, tons of collections. 215k fed tax lien.
Its unreal, he told me he had a tax lien, when i asked if it was fed or state he did not know.
Other red flags, his website is garbage. His partner was super rude on the phone with me. When I told him about pulling credit, he said well, my partner could sign. I was not doing business with her.
So, yes dead deal. Thanks for all the input.
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