Searching For a Reputable and Trusted Resource for Hard Money Loans? Private Money Utah Is Your Source!

Developers Stop Beating Your Head Against the Wall—Construction Financing Is Still Available

I think we all probably know
someone who is having a heck of a time finding construction financing.
Good project, good borrowers, but the bank just won’t budge an inch?
This is a common story in our market. What about developers who are
in the middle of a good project when their banker calls in the loan?
Even my private/hard money lending sources aren’t touching construction
projects right now and that’s scary. 
 
The good news is that private money is still available for construction
projects from $500K to $2MM. I have one investor that is still doing
construction financing while everyone else stands on the sidelines!
We’ve been doing loans with them for 6 years. Here are the highlights/requirements:  
 
—Residential, Commercial Construction Financing Available! (NO RESIDENTIAL
DEVELOPMENT PROJECTS!) Currently lending in AK, HI, OR, CA, NV, CO  
—Commercial Construction ONLY in WA, ID, UT, TX (Industrial, office,
multi-family, retail) (No residential)  
—55% Loan to value (based on a realistic valuation) and 65% Loan to
Cost. No reimbursement for entitlement costs already paid.  
—35% of project cost must be brought in by borrower. This can sometimes
be free & clear land that can serve as borrower’s cash in.  
—$500K min. May consider loan amounts down to $350K.

These requirements sound pretty
harsh but they are what they are I suppose. Does anyone else have a
source for construction financing they can share?

About the author

Corey Curwick Dutton Corey Curwick Dutton, MBA Park City, Utah 2005 MBA Graduate with 10 years experience in Business Management including International Management. Corey is a Senior Private Money Consultant at Private Money Utah. Corey enjoys the great outdoors of Utah including, mountain biking, camping, hiking, and touring in winter. Google

Leave a Reply

Your email address will not be published. Required fields are marked *

*