1d • General discussion
Lender Bummer
Bit of a bummer on the lending side this week. I spoke with a broker/lender I’ve worked with before, and after checking with a few lenders for construction to permanent loan, this was the feedback:
“With a good FICO and no build experience, leverage would be around 65% LTC, not to exceed 55% ARV, unless the builder is willing to come onto the loan.”-Ouch-111K !!!
Back to the drawing board. I’m thinking of pivoting toward:
- Exploring private money options
- Potentially securing the lot first
- Getting the project closer to permit-ready to improve credibility with lenders
Curious how others have navigated this hurdle
Always learning…
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Lender Bummer
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