[skideeppow]

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

[BB_Cooper]

What state is the spec house located?

[abfunders]

Why can't the builder use a few personal credit cards? For 30 days, he shouldn't be paying any interest on that one.

[skideeppow]

What state is the spec house located?

CO

[RichardGerard]

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

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

[Jstarr]

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..

[skideeppow]

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

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.